In itsreview findings, the FCA has called out (unnamed) firms that are behind on their preparations for the Consumer Duty and has warned that they risk falling foul of the new rules when the come into force. The FCA has emphasized that firms must be proactive in ensuring that they will m...
The new 'Consumer Principle', which is intended to represent the overall standard of behaviour the FCA expects from firms servicing retail clients, would be an outcome based principle defined as a duty to "deliver good outcomes for retail clients". This was preferred to the alternative option "...
The FCA’s Consumer Duty presents a paradigm shift. Financial Services firms need to look beyond compliance to strategy, data and technology
“The Consumer Duty applies across the entire distribution chain for all retail customers across all FCA firms who have a material impact on consumer outcomes,” said Mark Spiers, consumer duty lead at Bovill, during arecent webinar. “It’s important to consider that even if you're at the ...
The Financial Conduct Authority (FCA) are looking further into financial advisers ongoing review services. Here is a heads up on what you need to consider. Read here Consumer principle Firms must act to deliver good outcomes for customers Cross-cutting rules Act in good faith towards customers...
Inside FCA Podcast: What does the Consumer Duty consumer support outcome mean? Inside FCA Podcast: What the Consumer Duty means for authorisation Call of Duty: How putting customers front and centre will help industry innovate Legal & General - How Mortgage Club can help you provide good customer...
Under this new principle, firms should provide customers with products and services that meet their needs and offer fair value. Customers should receive communications they can understand. They should get the customer support they need when they need it. The purpose of the Consumer Duty principle,...
We explore eight key areas of focus for firms as they pivot from Day One preparations to assessing their relative maturity and ability to meet their obligations under Principle 12 of the Duty. CLICK HERE TO READ MORE Oct17 TRANSFORMING BANKS IN THE AGE OF CUSTOMER VULNERABILITY ...
However, under the Consumer Duty, Principles 6 and 7 are disapplied by the new consumer principle. This means that, while there is overlap between the consumer principle and Principles 6 and 7, the latter will remain relevant only to the extent of guidance for firms co...
What’s next for MuchBetter & Consumer Duty? Our commitment to delivering good outcomes doesn’t end with the completion of our project. We believe in going above and beyond which is why we have a detailed ‘Day Two’ plan in place, owned by our business. This plan focuses on initiatives...