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James Edmonds shares his Consumer Duty checklist and says a wide-ranging and well-governed plan to tackle the issues will stand businesses in good stead

James Edmonds shares his Consumer Duty checklist and says a wide-ranging and well-governed plan to tackle the issues will stand businesses in good stead

Any measures you can enforce to get in front of problems before they arise lessens both your compliance risk and the chance of negative outcomes for consumers – meaning all parties benefit from a forward-thinking approach to the FCA's Consumer Duty.

Firms should be busy preparing for the Consumer Duty, one of the most significant changes in regulation over the last decade. Businesses may be hoping for some clear-cut clarity on expectations in July 2022’s publication, but the FCA is looking to provide flexibility through an outcomes-based approach.

This article is the first in our series on the UK Consumer Duty and how it could impact Australian financial services providers.

On 7 December 2021, the FCA published its second consultation on the Consumer Duty, setting out more developed proposals for rules and…

Surveys and Reports Regulatory Developments United Kingdom: Financial Services Act 2021 becomes law On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as a ‘major milestone in shaping a regulatory framework for UK financial services outside of the EU.’ The Act makes significant amendments to key legislation, including the Financial Services and Markets Act 2000 (FSMA) and onshored E...

The FCA first published a discussion paper on a duty of care in July 2018 – nearly two years on it is now consulting on introducing a new Consumer Duty. There is now to be a clear...