Context
On 29th July 2022, the FCA updated its webpage on how to apply for authorisation.
Key points to note
The webpage now contains a new paragraph outlining the Consumer Duty which makes it clear that, the Consumer Duty’s implementation period ends on 31st July 2023 for new and existing products or services and on 31 July 2024 for closed products and services.
However, as authorisation assessments of firms and individuals is forward looking (i.e., firms and individuals must demonstrate they can comply with the FCA rules and guidance on an ongoing basis), any firm or individual applying for authorisation (and those applying to vary their permissions) will have to demonstrate that they can meet the requirements of the Consumer Duty, as they relate to them, from now on.
Next actions
None – for information and awareness.