Update on the Consumer Duty implementation
Howard Kennedy continues to track the progress of the FCA's new Consumer Duty
The Financial Conduct Authority (FCA) has published its latest update on the implementation of the new Consumer Duty, which will come into effect on 31 July 2023.
The Consumer Duty is a new set of rules that will require firms to put the interests of consumers at the heart of their business models. It will apply to all firms that provide financial services to retail customers, including banks, insurers, and investment firms.
The FCA has said that the Consumer Duty will be a "step change" in the way that firms treat their customers. It will require firms to:
- act in the best interests of customers
- avoid causing foreseeable harm
- increase trust and confidence in the financial sector.
The FCA is currently consulting on the final rules for the Consumer Duty. The consultation closes on 31 March 2023.
Howard Kennedy's Regulatory team will be closely monitoring the FCA's consultation and will provide updates as they become available.
We can also assist you with:
- Developing and implementing a Consumer Duty compliance plan
- Training your staff on the Consumer Duty
- Undertaking a Consumer Duty compliance review
For more information on the Consumer Duty, please contact our Regulatory team.
Howard Kennedy is a law firm with over 150 years of experience. We provide high-quality legal advice to businesses of all sizes, from start-ups to global corporations. We are committed to providing our clients with straightforward and practical advice that helps them to achieve their goals.
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