Context
The FCA has issued its latest Consumer Duty update e-mail, reflecting on the second anniversary of the implementation of the Duty and also including commentary of its recent work on digital design in customers’ online journeys. The e-mail also comments on the Regulatory Summit that the FCA hosted in London in July, to explore how the FCA can further simplify its rulebook (the FCA will provide an update in September on the next steps of this work).
Key points to note and next actions
- The update e-mail highlighted five blogs that the FCA had published on LinkedIn, unannounced, between 29th July and 2nd August, including commentary on retail banking, consumer investments and consumer finance.
- In his insurance-related blog prior to leaving the FCA, Matt Brewis commented on improved partnerships and better outcomes, and seeing plenty of good practice from firms. He also commented on acting on harm where it is identified, and what lies ahead:
- looking at the international scope of conduct rules;
- simplifying rules for insurance and funeral plans;
- reviewing insurance pricing reporting requirements; and
- reviewing and potentially removing detailed and prescriptive product-specific rules, including those for packaged bank accounts and GAP insurance.
- Charlotte Clark, commenting as Director of cross-cutting policy at the FCA, discussed the Duty helping to make a real difference to financial lives. Clark comments on the Duty being good for consumers, for business and for growth, and sets out her views on ‘where next’ for the Duty:
- It is central to the FCA’s 2030 strategy vision.
- it remains a mindset shift; one that aligns long-term business success with doing the right thing for customers.
- The message is that the FCA is ‘here to help’, and that it is listening.
- The FCA is focussed on sharing good practice and supporting firms to deliver good outcomes under the price and value outcome, and will continue with its ambitious programme of action to use the Duty to future proof and streamline its rules.