Richard Hulbert’s Post

Review of FCA Requirements Following the Introduction of the Consumer Duty The Financial Conduct Authority (FCA) is seeking input on refining the Consumer Dity - a set of retail conduct rules to better support and protect consumers. The focus is on simplifying areas of complexity, duplication, and over-prescription, ensuring regulations remain flexible for future changes and innovations. 🔶Key Areas of Focus: 🔹Simplifying detailed rules or guidance. 🔹Clarifying interactions between different rules. 🔹Balancing high-level and detailed rules. 🔹Assessing the benefits and costs of simplification. 🔶Views on the impact on various firms are welcome. Feedback on broader regulations is also invited. 🗓️ Deadline for Comments: 31 October 2024 https://lnkd.in/eNadJypT #FCA #ConsumerDuty #RegulatoryReview #ConsumerProtection #FinancialRegulation #Innovation

The FCA recently published the findings of its review of firms’ Consumer Duty implementation since it came into force on the 31st July 2023. The findings are split into six key areas, and include examples of both good and bad practice regarding the Duty to help firms continue to put their customers' needs first. Firms are advised to review the findings and continue to make improvements in line with good practice. Firms are also advised to plan ahead for any changes they may need to make before 31st July 2024 when the Duty for closed products and services comes into force. https://buff.ly/4bPfW1a #Consumerduty #FCA #Customeroutcomes #Customerharm

The FCA issued a call to action to financial services firms as it delivered its latest assessment of firms’ Consumer Duty implementation progress. The FCA continues to identify deficiencies in firms’ implementation and embedding of the Duty’s four outcomes, calling out failings in fair value assessments, treatment of vulnerable customers, and use of data to monitor and evidence customer outcomes. The regulator also targets the sector’s preparations to meet the upcoming closed book deadline, with firms urged to take proactive action to be ready in time. Read PwC UK’s summary of the FCA’s findings and the actions firms need to take here.

The FCA issued a call to action to financial services firms as it delivered its latest assessment of firms’ Consumer Duty implementation progress. The FCA continues to identify deficiencies in firms’ implementation and embedding of the Duty’s four outcomes, calling out failings in fair value assessments, treatment of vulnerable customers, and use of data to monitor and evidence customer outcomes. The regulator also targets the sector’s preparations to meet the upcoming closed book deadline, with firms urged to take proactive action to be ready in time. Read PwC UK’s summary of the FCA’s findings and the actions firms need to take here.

The FCA issued a call to action to financial services firms as it delivered its latest assessment of firms’ Consumer Duty implementation progress. The FCA continues to identify deficiencies in firms’ implementation and embedding of the Duty’s four outcomes, calling out failings in fair value assessments, treatment of vulnerable customers, and use of data to monitor and evidence customer outcomes. The regulator also targets the sector’s preparations to meet the upcoming closed book deadline, with firms urged to take proactive action to be ready in time. Read PwC UK’s summary of the FCA’s findings and the actions firms need to take here.

The FCA issued a call to action to financial services firms as it delivered its latest assessment of firms’ Consumer Duty implementation progress. The FCA continues to identify deficiencies in firms’ implementation and embedding of the Duty’s four outcomes, calling out failings in fair value assessments, treatment of vulnerable customers, and use of data to monitor and evidence customer outcomes. The regulator also targets the sector’s preparations to meet the upcoming closed book deadline, with firms urged to take proactive action to be ready in time. Read PwC UK’s summary of the FCA’s findings and the actions firms need to take here.

🗣 We’re inviting brokers and lenders to have their say on two FCA consulations that could have an impact on the intermediary market: 🔶 Retail conduct rules post-Consumer Duty 🔸 Here, the FCA is asking for input on simplifying regulations to foster innovation whilst maintaining flexibility 🔷 A new ‘branched logic’ reporting model 🔹 This impacts all authorised consumer credit firms, and sees the FCA propose a new dynamic reporting model that tailors regulatory returns to firm-specific business models 📧 The #NACFB will be approaching firms on both of these matters, but Members and Patrons can share their thoughts or book a meeting by contacting our compliance team 👉 compliance@nacfb.org.uk #FCA #ConsumerDuty #Intermediary

The FCA issued a call to action to financial services firms as it delivered its latest assessment of firms’ Consumer Duty implementation progress. The FCA continues to identify deficiencies in firms’ implementation and embedding of the Duty’s four outcomes, calling out failings in fair value assessments, treatment of vulnerable customers, and use of data to monitor and evidence customer outcomes. The regulator also targets the sector’s preparations to meet the upcoming closed book deadline, with firms urged to take proactive action to be ready in time. Read PwC UK’s summary of the FCA’s findings and the actions firms need to take here.

The FCA issued a call to action to financial services firms as it delivered its latest assessment of firms’ Consumer Duty implementation progress. The FCA continues to identify deficiencies in firms’ implementation and embedding of the Duty’s four outcomes, calling out failings in fair value assessments, treatment of vulnerable customers, and use of data to monitor and evidence customer outcomes. The regulator also targets the sector’s preparations to meet the upcoming closed book deadline, with firms urged to take proactive action to be ready in time. Read PwC UK’s summary of the FCA’s findings and the actions firms need to take here.

The FCA issued a call to action to financial services firms as it delivered its latest assessment of firms’ Consumer Duty implementation progress. The FCA continues to identify deficiencies in firms’ implementation and embedding of the Duty’s four outcomes, calling out failings in fair value assessments, treatment of vulnerable customers, and use of data to monitor and evidence customer outcomes. The regulator also targets the sector’s preparations to meet the upcoming closed book deadline, with firms urged to take proactive action to be ready in time. Read PwC UK’s summary of the FCA’s findings and the actions firms need to take here.