The FCA has set out an updated view on the key risks of harm that high-cost lending firms pose to their customers and the markets in which they operate.
The FCA also set out its strategy for this portfolio of firms to ensure that they understand the regulator’s focus, its expectations of them, and the related actions in order to manage their risks and reduce harm to consumers.
Highlights of the recent 'Dear CEO' letter include:
- Firms need to start preparing for the implementation of the Consumer Duty, which becomes effective from 31 July 2023.
- Firms should consider how the cost-of-living crisis is likely to impact consumers and be able to demonstrate the steps they have taken to address the risks covered in the letter.
Confused about upcoming changes? At PPL we offer tailored solutions, with a dedicated Account Manager who will support you through the compliance journey. Get in touch today and speak to our expert team.