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 consumer understanding outcome of the Consumer Duty.
Key points to note
The FCA wants firm communications to support and enable consumers to make informed decisions about financial products and services. Among other topics, Wilson explains why it’s necessary, the FCA’s expectations on tailoring and testing of firm communications, and how this applies proportionally. He also outlines what firms should be doing to monitor and evidence understanding and ensure they are ready for implementation of the Duty in July 2023.
Next actions
None – for information and awareness.