The FCA’s Consumer Duty is a major package of new rules and guidance which will impact most financial services firms in some way.
We have supported clients across sectors with Consumer Duty implementation; from retail banks to investment firms, asset and wealth managers, mortgage lenders and consumer credit firms. We are continuing to assist these firms in achieving compliance with the Consumer Duty as it is embedded within the market. Given the wide-ranging and, in many cases, complex issues which the new Duty raises across the industry, our team of financial regulation, risk and compliance experts have created several resources covering key aspects of the regime and practical guidance on embedding the Consumer Duty within firms.
Through our ‘Consumer Duty Pathfinder’ tool, we can help clients validate that they have implemented and embedded the Consumer Duty within their businesses. ‘Consumer Duty Pathfinder’ can be purchased as a resource to help identify any potential gaps post implementation and includes guidance on more uncertain, or technically/operationally challenging areas of implementation we saw firms across the market dedicate their time and resources as part of their implementation projects.
Resources to help you prepare
Regulation Tomorrow Plus: DE&I series: ‘Recent FCA and PRA consultations on DE&I'
In the first podcast in our DE&I series, Jonathan Herbst, Hannah Meakin and Hannah McAslan-Schaaf provide an overview of the recent FCA and PRA consultation papers on diversity and inclusion.
Regulation Tomorrow Plus: The Consumer Duty and our new Pathfinder tool
In our latest Regulation Tomorrow Plus podcast, Matthew Gregory, Joe Bamford and Anita Edwards discuss the Consumer Duty, which is now in force for all on-sale products and services, and our new Pathfinder tool which has been developed to help firms ensure they have fully implemented the Duty.
Consumer Duty assurance: Considerations for the final month
With implementation of the Consumer Duty almost here for open products and services, at this stage, firms’ Consumer Duty programmes should be in the advanced stages. With the impact of the changes so significant, there is a lot to cover. Whilst certainly not exhaustive, this note explores five areas that firms should assure themselves they have robustly considered as they prepare for the 31 July 2023 deadline.
Regulation Tomorrow Plus – Edinburgh Reforms: SMCR
In our latest podcast Simon Lovegrove, Matthew Gregory and Hannah Meakin discuss two important new papers implementing one of the Edinburgh Reforms, which is to conduct a review of the UK’s Senior Managers and Certification Regime.
Regulation Tomorrow - The Consumer Duty Series: FCA review of firms' implementation plans
In this episode, Matthew Gregory and Simon Lovegrove discuss the FCA’s findings following its review of larger fixed firms’ Consumer Duty implementation plans. In particular, they consider the good and poor practice that the FCA has highlighted and what steps firms should be taking in the run up to the 31 July deadline.
The Consumer Duty: What should firms be doing now?
In the latest of our ‘New Consumer Duty Series’, members of our Financial Services and Risk Advisory teams will share their insights on the key actions firms should already have under way, and those which are to come as part of their preparations for July 2023.
The Consumer Duty series: Post-Implementation Plan approval - Key issues for firms
In this episode, following the FCA’s interim 31st October deadline, Jonathan Herbst, Matthew Gregory, Joe Bamford and Iain Hawthorn focus on where firm’s should be now, and the key things they need to consider in taking forward their implementation plans for the new Consumer Duty. The discussion includes the steps that firms need to take over the next few months and the challenges that they will face throughout the implementation period.
FCA Consumer Duty for Insurance
In July this year the FCA published its Policy Statement (PS 22/9) A New Consumer Duty (the Consumer Duty). The FCA is clear that the Consumer Duty will have a significant impact on how firms interact with what it describes as retail customers and that it will set higher expectations for the standard of care firms give to them over the lifecycle of their products.