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 – 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.
The Consumer Duty series: Implementation planning
In this episode, Jonathan Herbst, Matthew Gregory and Iain Hawthorn focus on the fast-approaching 31st October deadline for firms’ management bodies to have approved the implementation plan for the new Consumer Duty.
The Consumer Duty series: Key takeaways from the FCA’s policy statement
In the latest episode of our Consumer Duty series, Joe Bamford and Iain Hawthorn unpack the key takeaways from the FCA’s policy statement and finalised non-handbook guidance published on 27 July 2022 and summarise immediate next steps for firms.
The Consumer Duty series: The consumer understanding outcome
In our second episode of our series focusing on the FCA’s new Consumer Duty, Matt Gregory is joined by Iain Hawthorn who explore the consumer understanding outcome, what it hopes to achieve and some practical considerations for firms ahead of implementation.
The Consumer Duty series: Impact on the distribution chain
In the first episode of our series focusing on the FCA’s new Consumer Duty, Matt Gregory is joined by Haney Saadah and Joe Bamford who consider some of the practical issues which firms across the distribution chain will need to resolve in order to achieve the new ‘products and services outcome’.