Context
The FCA has published a transcript of its ‘Consumer Duty: one year on” webinar that it held on 31 July 2024, which was introduced and hosted by Jo Legg, Head of Consumer Policy and Outcomes, FCA. The main speeches by Sheldon Mills (FCA) and Abby Thomas (FOS) have already been published by the FCA and FOS respectively.
Key points to note and next actions
Of most use to firms will be the transcript of the panel Q&A session featuring Abby Thomas (Chief Executive and Chief Ombudsman, FOS), Graeme Reynolds (Director of Competition, FCA), Therese Chambers (Joint Executive Director of Enforcement and Market Oversight, FCA) and Dominic Cashman (Director of Authorisations, FCA). Graeme Reynolds offered what he sees as five key elements of fair value assessments, being good benchmarking, solid data and credible evidence, clear consideration of customer cohorts based on the target markets, clear examination of the total price paid relative to the benefits that customers are expected to receive over their lifetime, and the inclusion of considerations of customer understanding, support and the options a customer is given within the overall considerations of value.