FCA - Deadline to implement Closed Product Reviews by 31st July 2024

FCA - Deadline to implement Closed Product Reviews by 31st July 2024
The FCA published its latest Dear CEO letter earlier in May related to the Consumer Duty, reminding firms of the deadline to implement Closed Product reviews by 31st July 2024

Dear CEO letter: Implementing the Consumer Duty for closed products and services – all other firms (fca.org.uk)

Two key elements of this for firms to consider are.

1. Has a Fair Value Assessment been applied to Closed Products justifying the different approach to open products.
2. Is the total price paid by customers reasonable to the benefits they derive from the goods or services.

There have been a number of examples seen of recent where failure to evidence Fair Value has been met with intervention.

If you or your Firm need support with this important deadline, drop us a line or give us a call for an informal chat.

info@productpartnerships.com or 01274 921234