Consumer Duty Guide – FREE

The Financial Conduct Authority’s (FCA’s) recent multi-firm review served as a stark reminder to boards that the ‘Consumer Duty’ should be paramount on their regulatory to-do list. The FCA emphasized that senior leadership and boards will be held accountable for ensuring customer-centric outcomes. As the July 31st, 2023 anniversary of the legislation’s inception looms, boards must embark on preparations for their inaugural Consumer Duty annual assessment. They should also anticipate potential interim progress inquiries from the regulator.

This Consumer Duty guide document sheds light on the current landscape: “Unsurprisingly, the Consumer Duty has been the FCA’s primary focus area this year. We’ve been steadfast in supporting businesses throughout their Consumer Duty journey. The principal areas firms are grappling with this year include transitioning from the implementation phase, meticulously managing their outcomes monitoring management information (MI), and meeting the upcoming July 31st deadline for the first annual board report.”

In the lead-up to July, we anticipate the FCA conducting a rigorous review of the caliber of firms’ annual assessment preparations. The FCA is likely to request access to working papers, MI, and board reports. If firms fail to demonstrate a robust culture of self-evaluation aimed at achieving exceptional customer outcomes, regulatory intervention is a distinct possibility.

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