New Consumer Duty Rules – What Should Firms Be Doing?
This week marks the FCAs deadline (15 February 2022) for responses in relation to its proposal for a new Consumer Duty that seeks to achieve a higher level of protection for consumers in the retail financial market.
The FCA expects to publish finalised rules and guidance via a policy statement by 31 July 2022, per the timeline proposed in its initial consultation paper, with rules coming into effect in April 2023.
What should firms be doing?
As the FCA has issued a draft of the rules and guidance relating to the new Consumer Duty, as well as proposing an ambitious nine-month implementation period, firms should begin to assemble implementation projects in respect of the new requirements covering, but not limited to:
- Impact analysis dependent on size and nature of business activities.
- Gap analysis between current process and the new rules.
- Governance and MI requirements.
- Consider any changes required to customer journeys and
- Product governance arrangements.
If your firm needs some expert resource to navigate these rules and regulations and to ensure you are prepared for the new Consumer Duty, please contact Katherine Lord, Partner & Head of Danos Consulting | E: klord@danosconsulting.com
As a specialist consultancy firm for the Financial Services sector, Danos Consultancy has an unparalleled talent network, and can provide experienced, first-class practitioners cost-effectively.
For detailed information on the CP21/36 – CP21-13, or to log a response to the proposal visit: https://www.fca.org.uk/publications/consultation-papers/cp21-36-new-consumer-duty-feedback-cp21-13-further-consultation
