FCA Consumer Duty

Evidence of FCA Consumer Duty Compliance

The Financial Conduct Authority (FCA) had acknowledged that compliance with the new consumer duty (161-page / 1.08MB PDF) “may be an extensive and complicated process for some firms due to the higher standards the regulator will expect and the duty’s wide ranging scope”.

Firms being asked to think about what good outcomes look like for their target customer base across a range of areas and being asked to do so from the point of view of standing in their customers’ shoes, firms will welcome the FCA’s move away from its original plan for a nine-month implementation period,” The regulator will instead take a two-stage approach. The duty will apply to existing products and services that consumers can buy or renew from 31 July 2023 and be extended to cover products and services in ‘closed books’ from 31 July 2024.

What you need to do

Firms will have to keep an eye on the clock to ensure they meet the FCA’s other roadmap implementation deadlines and conduct their internal reviews to identify changes they need to make. While the ‘go live’ date for the duty has been pushed back from the original timeline the FCA proposed, firms should be under no doubt that the regulator is very focused on how firms use their time now and note the FCA is saying it is taking an ‘assertive approach’ to the implementation period”.

Whatever stage of planning you’re currently working on, it’s clear that ensuring a smooth transition will require considerable time, attention, and resource from even the most well-prepared team.

But with MCM’s implementation support, we’ll be behind you every step of the way – offering valuable insight from our seasoned team of consultants – and help you achieve the critical deliveries.

Our subject matter experts can provide an impartial, detailed health check of your approach to root out any inefficiencies or blind spots that prevent you from operating a well-oiled machine from day one – whilst ensuring your processes are flexible and robust enough to adapt to future regulatory directives.