What happened?
With the FCA’s deadline for implementation plans confirmed for 31 October 2022, firms needed to work out how to adjust their business framework to meet a significant step up in oversight requirements.
In Money Marketing, TCC Associate Director Neil Dethick set out the three steps firms should work through to develop their Consumer Duty strategy, with tips on aligning with the FCA’s “show me, don’t tell me” approach to regulation.
Why does it matter?
With only weeks left to prepare, firms need to know where to focus their attention so that limited time is spent on the areas that matter most to the regulator.
Supporting sources
Frequently asked questions
When was the FCA's deadline for Consumer Duty implementation plans?
The deadline for firms to have their implementation plans in place was confirmed for 31 October 2022.
What does the FCA's 'show me, don't tell me' approach mean?
It means firms are expected to evidence how they meet Consumer Duty requirements in practice, rather than simply asserting that they do.
Who set out the three-step approach to Consumer Duty readiness?
TCC Associate Director Neil Dethick, writing in Money Marketing.
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