Context
The FCA has sent an update in relation to its Consumer Duty webpage as it has updated the information for firms page to include additional content on some of the key topics it has been receiving queries on.
Key points to note
The update indicates that there is additional information in these sections of the page:
- expectations for outcomes monitoring;
- the FCA’s position on retrospective application (this is not new);
- the FCA’s position on proportionality; and
- and other clarifications on scope and application.
The FCA has also set out that a package of portfolio and sector-specific letters to firms will be published early in 2023. These will set out FCA expectations for implementation and will reflect findings from the review of firm implementation plans. Finalised Guidance contains a wide range of additional information, including good and poor practice examples.
Next actions
For review, information and awareness.