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The Duty specifies four outcome areas. All of these are highly relevant to the direct interactions that IFAs have with consumers – by phone, email and
With implementation of Consumer Duty on 31 July 2023 approaching, the FCA published the findings of its review of a number of larger firms’ plans for complying with the Duty. The Consumer Duty will apply to all firms that sell products and services to retail customers.
The Financial Conduct Authority has warned that many firms have significant steps left to take before the deadline for the new Consumer Duty.
One of the most consequential elements of the Consumer Duty is the heightened weight of responsibility placed upon firms to ensure client care and fair treatment. Under the Financial Conduct Authority’s new Consumer Principle, it will no longer be sufficient to simply ‘do no harm’. The onus will be on businesses to
This article is the second in a series on areas impacted by AI. It focuses on the upcoming implementation of a new Consumer Duty, a higher standard of behaviour for financial services...