Context
The FCA has published a new web page in relation to the Consumer Duty which sets higher and clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first.
Key points to note
The new webpage includes a Consumer duty key milestones timeline, which has also been published as a pdf:
- 27th July 2022: Final rules and guidance published
- 31st October 2022: Firms boards to have agreed and evidenced implementation plans
- 30th April 2023: Manufacturers to have completed reviews to meet outcome rules for existing open products and services to share with distributors
- 31st July 2023: Rules start for new and existing products or services open to sale or renewal
- 31st July 2024: Implementation deadline for closed services and products
The FCA has also created a webpage where firms can register for sector-specific Consumer Duty webinars – Consumer Duty events | FCA. The webinars will cover the following sectors:
- Insurance on 18th October 2022 at 10:00
- Consumer investments, pensions and asset management on 18th October at 14:00
- Banking and payments on 1st November at 10:00
- Retail lending on 1st November at 14:00
Next actions
Firms should register for the insurance webinar on 18th October 2022 and/or for any others as applicable.