FCA Implementation Plans

FCA Implementation Plans
The Financial Conduct Authority (FCA) have reviewed a sample of implementation plans and has suggested areas of focus to help firms with their implementation.

After the deadline for Boards to have signed off their firms implementation plans, the FCA requested and reviewed plans from around 60 firms who primarily operate in the retail financial services sector.

Although the review showed firms have an understanding of the shift to delivering good outcomes and are embracing the shift which the new Duty will bring, there is concern that many firms are behind on their planning, resulting in a risk that the Duty will not be implemented effectively in the required timeframes.

The FCA have laid out some areas of priority for firms over the remaining period of implementation, and have asked firms to focus on:

Prioritising: Firms should make sure they are prioritising effectively, with a focus on the areas that will make the biggest impact on outcomes for consumers

Making the changes needed: The FCA urges firms to ensure they are making the changes needed so consumers receive communications they can understand, products and services that meet their needs and offer fair value, and the level of support needed, when they need it.

Working with other firms: Firms need to share information and work closely with their commercial partners to make sure they are delivering good outcomes.

The FCA has found that for some firms, they need to accelerate the work on Consumer Duty to ensure it can be implemented on time.

If you need support and advice on your implementation, then please get in touch.