Context
The FCA has published a podcast, an mp3 recording and a transcript of an interview with Alex MacDermott, FCA technical specialist, about how the Consumer Duty affects firms seeking authorisation.
Key points to note
MacDermott talks about what firms will need to demonstrate in their application, why the FCA is asking for information in advance of the implementation deadline and the implications for firms who don’t meet the requirements. MacDermott also talks about the type of information being requested and how firms can show they are meeting the requirements if they aren’t trading yet.
Next actions
None – for information and awareness.