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With one month to go until the Consumer Duty comes into force for new and existing products and services, it’s crucial you’re asking the right questions to make sure you’re on track, and making the most of the remaining time. To support this, we’re highlighting ten key questions you can ask to help identify and remedy gaps or areas for improvement in your implementation of the Duty. These are drawn from the questions in our Finalised Guidance (FG22/5). You can expect to be asked questions like these in your interactions with us, and we’d expect your Duty champion and Chair to use these types of questions to guide senior level discussions.
The Duty requires firms to assess, test, understand and evidence the outcomes their customers are receiving. In our latest podcast Ed Smith, FCA Head of Competition Policy, explains our expectations for outcomes monitoring under the Consumer Duty.
We’ve published the results from our survey of smaller firms, which looked at preparedness in some of the sectors where it appeared that firms may have been less engaged and prepared. The results gave us a snapshot of these firms’ preparedness 3 months out and showed that most firms were engaged, understood the requirements of the Duty, and were on track with implementation. However, a small minority still had significant work to do and needed to seriously accelerate their implementation work.
As set out in a recent speech, when the Duty comes into force we will prioritise the most serious breaches and act swiftly and assertively where we find evidence of harm or risk of harm to consumers. For those of you with work still to do, our Consumer Duty homepage contains a wide range of resources to help you understand our expectations and implement the Duty effectively.
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