On 27 July 2022, the Financial Conduct Authority (“FCA”) published a Policy Statement 22/9 (‘‘PS22/9’’), and provided feedback to its December Consultation Paper 21/36 (‘‘CP21/36’’), setting out the final updated rules on the new Consumer Duty (the “Duty”) which will set higher expectations on the standard of care firms provide consumers in retail financial markets. In addition to the rules, the FCA have published additional guidance on: (i) how firms should comply with their obligations under the Duty; (ii) how to apply the Duty’s scope to different types of customers; and (iii) relationships between manufacturers and distributors, with a focus on developing a fair value framework…

next steps

The FCA will be hosting industry specific events to help prepare firms for the implementation of the new rules. For more information on this click here.

To view the CP21/36 consultation paper click here.

To view the PS22/9 paper click here.

For more information, and guidance on the application of Consumer Duty to your firm, Cleveland & Co External in-house counsel™, your specialist outsourced legal team, are here to help.

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