Context
The FCA has published a podcast, an mp3 recording and a transcript of an interview with Richard Wilson, the FCA’s Manager of Consumer Policy, about the products and services outcome of the Consumer Duty.
Key points to note
The FCA wants all products and services for consumers to be fit for purpose and designed to meet the needs, characteristics and objectives of a target group of customers and distributed appropriately. Wilson discussed how firms should test target markets and the importance of identifying vulnerable customers.
Among other topics, Wilson discussed how the Consumer Duty requirements relate to existing product governance requirements, the FCA’s expectations of firms in the testing of their products and services and the reviews manufacturers and distributers need to undertake.
Next actions
None – for information and awareness.