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FCA publishes a suite of Consumer Duty updates

Link(s):One month to go for the Consumer Duty | FCA Consumer Duty | FCA Consumer Duty – information for firms | FCA Countdown to the Consumer Duty | FCA Inside FCA Podcast: Explaining Consumer Duty outcomes monitoring | FCA Consumer Duty firm survey – Spring 2023 | FCA Consumer Duty: firm preparedness: Wave 1: quantitative research (fca.org.uk)

Context

The FCA has published or updated three pages on its website and has issued a Consumer Duty update communication reminding subscribers that there is now one month to the Consumer Duty implementation date of 31st July 2023.  It has also published an ‘Inside FCA’ podcast (audio and transcript) in relation to the FCA’s expectations for outcomes monitoring.  The Consumer Duty information for firms page has been updated to reflect the expectations of outcomes monitoring, which are explained In more detail in the podcast.

Key points to note

  • The FCA’s Consumer Duty ‘home’ page has been updated to include links to the Spring 2023 firm survey results (see the article below) and a new ‘One month to go ‘ page, which includes a set of ten questions that the FCA encourages firms to consider and which references the Consumer Duty Finalised Guidance as another source of questions.
  • The FCA’s update communication references a speech delivered in May 2023 by Sheldon Mills, FCA Executive Director, Consumers and Competition, which referenced fair value as an area of focus.
  • The podcast explains that the FCA wants firms to harness the benefits of the data and technology that they have to improve their services, and to understand the outcomes they achieve for their customers.  It goes on to encourage firms to use the available data to identify and understand root causes of any issues identified, whilst acknowledging that firms of different sizes will have different levels of available data and MI.

Next actions

We recommend that firms review the new ‘One month to go’ page and the results of the small firms survey.