On 31 July 2023, the FCA’s new Consumer Duty comes into force. The Consumer Duty sets higher standards of consumer protection across retail financial services and represents what the FCA terms a “paradigm” shift in its expectations of firms. The Consumer Duty comprises three tiers; a new FCA Principle 12, three overarching cross-cutting obligations, and four retail customer outcomes, which set out a host of rules applicable to in-scope manufacturers and distributers…
The new rules are wide-ranging and onerous; ensuring that your firm is compliant ahead of the 31 July 2023 deadline is likely to be a substantial administrative burden. We’ve put together a short, one-page guide to Consumer Duty which sets out key considerations for firms and as well as how we can help firms with their implementation plans ahead of the deadline. Subscribe below to access.
Please click here to access our one-page guide to Consumer Duty.
Look out for our next Consumer Duty guide which will set out in more detail what firms need to do to ensure ongoing compliance.
For more information on Consumer Duty and any guidance or advice, Cleveland & Co External in-house counsel™, your specialist outsourced legal team, are here to help.
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