On 27th July 2022 the FCA published its final rules and guidance on the new Consumer Duty in Policy statement (PS22/9) – A New Consumer Duty, which will set higher standards of consumer protection across financial services. The intention is that it will “fundamentally improve how firms serve consumers”.
The new Duty will affect all regulated firms who (from July 2022) have 12 months to implement the new requirements for the bulk of retail financial products and services. From the end of July 2024, the Duty will come fully into force and apply to all closed products and services.
To help you understand and implement the new Duty we hosted a webinar to take you through a number of important aspects. Our webinar also included a panel session where we answered a number of topical and interesting questions surrounding the new Duty and discussed it from the perspective of different sectors.
Agenda
During the webinar cover:
- Overview of the new rules
- Key dates to abide by (including information on implementation plans)
- How to take reasonable steps to evidence adherence to the Duty
- Individual responsibilities
- Further detail on the outcomes – products & services, price and value, consumer understanding, consumer support
- Panel Session
Speakers
- Jennifer Cahill, Senior Consultant, Capital Markets
- Ben Antcliffe, Senior Consultant, Consumer Credit & Lending
Panel
- James Borley, Managing Director, Payment Services
- Jennifer Cahill, Senior Consultant, Capital Markets
- Ben Antcliffe, Senior Consultant, Consumer Credit & Lending
- Will Khammo, Senior Consultant, Insurance