The FCA’s Consumer Duty will lead to a major shift in financial services.
Following two consultation periods, the much-awaited policy statement and finalised guidance on Consumer Duty has been published by the FCA.
The regulator has confirmed that they will allow firms 12 months to apply the expectations and outcomes to live products, with closed book products being allowed an additional 12 months.
The FCA has emphasised how the Consumer Duty rules and guidance will need to be embedded throughout firms, including as a part of its strategies, governance, leadership and people policies and its incentives at all levels.
Contact us now to help identify the risks to your business, and what you need to make sure you remain FCA compliant.