The Financial Conduct Authority’s (“FCA“) Consumer Duty will come into force on 31 July 2023. From this date, the Consumer Duty rules will apply to all existing in-scope products or services that are available for sale or renewal.
By this date, firms must have all the necessary processes and agreements in place to fulfil their obligations under the Consumer Duty.
We’ve set out below the key information firms need to know about the Consumer Duty as well as recommended next steps.
For more information on the Consumer Duty, Cleveland & Co External in-house counsel™, your specialist outsourced legal team, are here to help.