The FCA has been clear that implementing the new Consumer Duty will require a cultural shift at many firms. This new package of rules and guidance raises the bar both for firms and individuals in connection with the provision of financial services and products to retail customers. In its policy statement, the FCA has maintained its approach to the calibration of the new Duty in many areas, with a small number of significant changes in approach.
The implementation timetable is one such change. Whilst the FCA has extended the timetable, there are two new key milestones. By 31 October 2022, a firm’s board or equivalent management body must have approved its implementation plan for the new Consumer Duty. This will be challenging for many firms to meet, particularly those which are larger in scale, with more complex organisational structures or more expansive ranges of in-scope products and services.
Our briefing note: ‘The new Consumer Duty: implementation milestones and what they mean for your firm’ has more information.
We have assembled a Toolkit to assist firms to meet the FCA’s expectations around the approval of an implementation plan by 31 October.
To receive more information on the Toolkit, please use the link below, and our team will be in touch.
Register here to receive more information on our Implementation Toolkit