The FCA published its findings from the review of Consumer Duty implementation plans for larger firms on 25 January. While many plans demonstrated engagement with the substance of the Duty, the FCA noted some firms are further behind in their thinking and run the risk of not being ready in time.

Consumer Duty

The new Consumer Duty requirements were finalised in July 2022, setting out the standard of care expected for customers in financial markets. To recap, the overarching principle that firms ‘aim to deliver good outcomes for retail customers’ is supported by three cross-rutting rules and four areas where the FCA want to see better outcomes:

• Products and services
•  Price and value
• Consumer understanding
•  Consumer support

As well as confirming phased implementation dates, with the rules coming into force for new and existing products or services on 31 July 2023, and for closed products or services on 31 July 2024, the FCA set a clear expectation that firms should have agreed implementation plans by the end of October 2022. Following this deadline the FCA requested implementation plans from larger firms with a dedicated supervisory team, and has now published the findings from their review of these plans and associated discussions with firms.

To learn more about the FCA's findings download our newsflash to learn more.  

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