Context
Dear CEO letters have been sent to the following sectors, regarding implementation of the Consumer Duty:
- Implementing the Consumer Duty in mortgage intermediaries (fca.org.uk)
- Implementing the Consumer Duty for Credit Brokers (fca.org.uk)
- Implementing the Consumer Duty in Credit Unions (fca.org.uk)
- Implementing the Consumer Duty in the Retail Finance Providers portfolio (fca.org.uk)
- Implementing the Consumer Duty in the Motor Finance Providers portfolio (fca.org.uk)
Key points to note
The letters have been sent to firms to help them implement and embed the Duty effectively and set out:
- A reminder of the implementation timeline, key elements of the Duty and how it applies to firms
- The FCA’s expectations for how firms should embed the Duty
- Feedback from the FCA’s recent review of firms’ implementation plans
- The FCA’s updated view of the key risks of harm posed by firms and expectations
The FCA wants good outcomes for customers to be at the heart of firms’ strategies and business objectives, and leaders have a key role to play. Boards and senior management should embed the interests of customers into the culture and purpose of the firm.