Context
To help firms implement the Duty, the FCA explain more on the areas of the Duty that it has been receiving firm queries on, which are relevant for the wider market.
Key points to note
The FCA has included information relating to requirements for firms seeking authorisation.
The information provides a list of the type of information a firm should include in their application if in scope of the Consumer Duty. Highlighting that the application must prove that the firm can comply with the Consumer Duty and noting the expectation that the application is tailored to the firm and is expressly set out how the firm will act to consistently deliver good outcomes to retail customers.
Next actions
None – for information and awareness.
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