|
The Consumer Duty will set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first. This email provides updates for firms, and today covers:
- Information for firms page
- Speech by Sheldon Mills
- Reminder to register for our Consumer Duty webinars
We have added an information for firms page to our Consumer Duty webpages to help firms implement the Duty.
This explains more on the areas of the Duty that we have been receiving firm queries on. It currently includes:
- October implementation plans
- Consumer Duty Board Champions
- Definition of closed products
Sheldon Mills, Executive Director, Consumers and Competition, gave a speech on 29 September on "What firms and customers can expect from the Consumer Duty and other regulatory reforms". The highlights are:
- Consumer Duty is a significant shift, both for firms and for us at the FCA. It is also an opportunity. The Duty provides a fairer basis for competition and the flexibility of an outcomes-focused, rather than prescriptive, approach. It will provide a boost to growth and innovation.
- The Consumer Duty comes at a challenging time for consumers and the wider economy. While the duty is not yet in force, firms should be stepping up now to support customers in these straitened times and ensure customers get good outcomes.
- Boards and senior management have a critical role in overseeing firms’ implementation of the Duty. We are committed to working closely with industry during the implementation period and beyond to get this right.
We are hosting a series of sector-based webinars for industry in October and November 2022 on the Consumer Duty to help firms understand our expectations and prepare for implementation.
The webinars will cover the following sectors:
|
