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
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 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.
Global regulation and conduct series - Rising cost of living, vulnerable customers and consumer duty
In the first in our global series of regulatory podcasts focusing on conduct issues, financial services partners from Australia, United Kingdom and the United States cover the rising cost of living, vulnerable customers and consumer duty.
Consumer empowerment through the new UK Consumer Duty: Will Australia follow suit?
On 27 July 2022, the UK Financial Conduct Authority (FCA) published its eagerly awaited Policy Statement 22/9 ‘A New Consumer Duty – Feedback to CP21/36 and Final Rules’ (PS22/9), which represents one of the largest pieces of regulatory reform in the UK retail financial services sector for more than a decade.
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.