| Link(s): | FCA supports firms through the transition to implementing the Consumer Duty | FCA Consumer Duty events | FCA |
Context
While continuing to get ready for the implementation of the Consumer Duty, the FCA is supporting firms through the transition with a programme of engagement, which includes setting out the expectations of the Duty and arranging a series of regional in-person events for specific groups of small and medium-sized firms.
Key points to note
The Consumer Duty is a cornerstone of the FCA’s three-year strategy. It introduces a more outcomes-focused approach to consumer protection and sets higher expectations for the standard of care that firms give customers. The FCA believe the Duty will lead to a simplified and less reactive form of regulator, which will allow firms to innovate and compete more effectively.
Sheldon Mills, Executive Director of Consumers and Competition at the FCA, said: ‘Leaders have a key role to play here. We have a world-leading financial services industry which serves its customers, colleagues and shareholders well through competition, innovation and leveraging talent. We want to see boards and senior management further embed the interests of customers into their firms’ culture and purpose.’
Mills thanks firms, recognising the hard work they’re putting into embedding the Duty. Noting that the FCA is encouraged to see many examples of good practice in its review of implementation plans and found that many firms are embracing the shift that the Consumer Duty brings.
Next actions
None – for information and awareness.