The update sets out the FCAs key findings on the assessment of fair value for cash savings firms under the Consumer Duty. We have looked at these examples of good and poor practice that the FCA has drawn out in our client note [link] on the fair value good ...
On18 September 2024the Financial Conduct Authority (FCA) released itsinsightsfrom the first year of implementation of the Consumer Duty, specifically in relation to theprice and value outcome. The overarching theme from the FCA feedback is that price is not the only...
Data.Entering into Regulated Consumer Hire Agreements as owner.Limitation array of string Limitation Agreeing to carry on a regulated activity Data.Agreeing to carry on a regulated activity array of object Agreeing to carry on a regulated activity Limitation Not Found Data.Agreeing to carry...
The consultation confirms that the FCA intends to introduce the Consumer Duty next year and that it expects that this will lead to a "significant shift" in the culture and behaviour of firms, with a firm needing to consider the new measures “at every stage of its processes and at every ...
So what is the Consumer Duty and what are its rules? In short, the Duty aims to enhance consumer protection as people buy and use financial products. The new regulations are based on three core principles: The FCA has also [&hellip.
(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 meet the Consumer Duty requirements when the time...
The Consumer Duty Alliance (CDA). An independent professional body, supporting the personal finance sector to implement good consumer outcomes.
“fair value” in line with the Consumer Duty. The FCA reminds firms that they should clearly confirm the details of the ongoing service to clients, associated charges and how clients can cancel the service should they wish. Firms should not charge clients for services that are not delivered ...
Platforms have been told by the FCA that they may have to consider building direct-to-consumer (D2C) propositions to provide ‘orphaned’ clients with non-advised services under incoming consumer duty cross-cutting rules, Citywire New Model Adviser has learned. ...
(Chris Ratcliffe/Bloomberg) Sonia Rach 4 Barclays, HSBC, Lloyds Banking Group, NatWest Group and the Financial Conduct Authority have outlined to MPs what work they are doing to improve savings rates for consumers. Unlimited access to our award-winning journalism ...