Vixio Regulatory Intelligence’s Post

As the first anniversary of the new Consumer Duty regulations is on the horizon, here are a few things we’d like to remind you of… Drastic Action: We’d like to remind you that the FCA have repeatedly said they will take drastic action against any and all companies who fail to comply with the Consumer Duty regulations. There is no doubt that the FCA will be looking to make examples of companies that fail to comply. This will no doubt be a MASSIVE wake up call for financial services. Consumer Trust: Your ability to evidence your dedication to your consumers is going to directly impact how much your customers trust you. And as many of you know, in financial services trust is of the utmost importance. If you fall short on your evidencing, you will not only face the consequences of the FCA, but you are also letting your customers down… Evidencing: Whether you outsource it to an agency like us, or you manage it in house, your evidencing needs to be flawless. The FCA isn't handing out second chances. Remember the effects that compliance failure will have on your brand… That’s all from us! Find us here: https://lnkd.in/gTJQ9X8

The FCA's Consumer Duty regulations are coming into effect on 31 July 2024. Is your firm ready? Join us on 25 July at 2:00 PM BST for our webinar, "Consumer Duty Demystified: Insights & Strategies for Compliance”. Register now to secure your spot. https://ow.ly/NZZ630sEV6k #FCA #ConsumerDuty #StarCompliance

𝗡𝗼𝘁 𝗳𝗼𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝘂𝘀𝗲. 𝗙𝗼𝗿 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗶𝗻𝘁𝗲𝗿𝗺𝗲𝗱𝗶𝗮𝗿𝘆 𝘂𝘀𝗲 𝗼𝗻𝗹𝘆. How we’re adjusting to the FCA’s rules on consumer protection. The FCA's 'final rules and guidance' on Consumer Duty were published back in 2022, and came into effect for existing products and services last year. But what are the regulations, and what difference are they making?   We've published an article exclusively for brokers like you, so you are up to date on the latest findings. https://bit.ly/3JKbxQx

On the 19th March, the FCA published it's plan for the year ahead. It should come as no surprise to hear that the primary objectives for the next 12 months will be: customer protection, promoting the UK as a world class financial centre, and consolidating the data led approach to regulatory enforcement. Click here to read the FCA's summary on their upcoming objectives, which includes links to the full underlying plans https://lnkd.in/ebubKH-5

A warning shot from the FCA re the next review of Consumer Duty board reports. Credible challenge from Boards backed by evidence is key here. Good points highlighted by the FCA included: - clear outcomes focus with dedicated sections for the four outcomes; - analysis of different customers which included those with vulnerability characteristics; and -focus on culture throughout the firm with commentary emphasising companies’ commitment to effectively implementing the duty. #consumerduty #fca #governance https://lnkd.in/eGVFbhRx

Read May's regulatory news to find out which firms received a fine and learn about key updates such as changes to Regulation S-P by the SEC, the UK FCA’s product deadline for consumer duty obligations, and much more.https://bit.ly/3RlH7bn #RegulatoryNews #RegNews

The regulator has the rights and may well challenge, question or scrutinise many firms approach and implementation of consumer duty. Closed book review and deadline of 31/07/2024 is still active , in addition to an annual attestation. #askme #complianceservices #filereviews #fca #regulatoryrequirements #mortgagespecialist Dhillon Finance and Consulting