Consumer Duty areas of focus

The Financial Conduct Authority (FCA) has published its main areas of focus on Consumer Duty for the upcoming year. There are four focus areas in total, and these are;

Senior Manager & Certification Regime (SM&CR)

The FCA recently fined a CEO £350,000 under the Senior Manager & Certification Regime (SM&CR) for a failure to inform the Regulator of failure to pay his taxes.

On October 25, 2024, the Court of Appeal delivered a pivotal decision on motor finance commission disclosures, siding with consumers in all cases reviewed. Close Brothers Group plc has indicated plans to appeal this ruling to the UK Supreme Court. However, this Court of Appeal decision may significantly influence the FCA's direction in regards to the regulations around commission disclosures.

CP24/19: Consumer Credit Regulatory Returns

The FCA's deadline for their CP24/19 consultation on the proposed new regulatory returns is the 31st of October 2024, and PPL are participating in this fully.

The FCA's latest Dear CEO Letter

The FCA's latest Dear CEO letter aimed at financial advisors and investment intermediaries illustrating again of how wide and deep Consumer Duty is being applied

RegData returns are changing

The FCA plan to publish the policy statement for CP24/19: Consumer Credit Regulatory Returns in quarter one next year and the proposal is for RegData returns to be in the calendar year (rather than based on the accounting end date).

Consumer Duty areas of focus

Senior Manager & Certification Regime (SM&CR)

Commission Disclosures

CP24/19: Consumer Credit Regulatory Returns

The FCA's latest Dear CEO Letter

RegData returns are changing