Believe it or not, it’s coming up to three years since Consumer Duty was first introduced.
It’s fair to say the Duty was met with a fair bit of eye-rolling ahead of its rollout.
The general feedback was: “I’m doing that already, aren’t I? And if not, shouldn’t I pack up and do something else?”
At the same time, there were firms who took it as an opportunity to revisit existing processes and change these where a better approach was identified.
Yet underpinning Consumer Duty lies a seismic shift in the evidence the FCA wants to see from firms. Evidence of how firms focus on client outcomes, and evidence of how firms enable consumers to make well-informed financial decisions, and act on them.
Just as importantly, Consumer Duty is the main driver behind all of the FCA’s retail policy decisions.
Because Consumer Duty is for life and not just for 2023, we’ve updated our original Consumer Duty cut out and keep guide from a few years back.
Inside the latest guide, we cover:
- Why Consumer Duty still matters, and what’s changed
- A recap of the cross-cutting rules
- Good and poor practice
- Culture and governance
- Consumer Duty for platforms and MPS providers
- Milestones and what next
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