Context
The FSCP has published several responses to various Consultations / Calls for Evidence / Calls for Input, a number of which may be of interest to Aviva brokers.
Key points to note and next actions
- Financial Services Consumer Panel response to the HMT Financial Services Growth & Competitiveness Strategy Call for Evidence [pdf] – the response was dated 17 December 2024 and considers the role of consumers and the potential impact of the financial services growth and competitiveness strategy on consumers.
- Financial Services Consumer Panel response to FCA CP 24/2, Part 2: Greater transparency of our enforcement investigations [pdf] – the response was dated 17th February 2025, offering an overview, commentary on the enforcement approach (the focus, its transparency, and investigations into unregulated firms), commentary on the proposals working in practice, some case studies, commentary on the impact on firms and consumers, and a conclusion.
- Financial Services Consumer Panel response to the FCA on the Modernising the Redress System call for input [pdf] – the response was dated 30 January 2025, and set out that the Panel expects the FCA to ensure that the Consumer Duty leads to an improvement in firm practices and a reduction in the number of mass redress events going forward, but that this requires demonstrable, rigorous, consistent and effective supervision and enforcement of the Duty by the FCA, which the Panel expects the FCA to deliver. The response includes commentary on consumer challenges caused by an ineffective redress system, principles for a well-functioning redress system that meets consumers’ needs, an effective mass redress system that delivers good outcomes for consumers, and ensuring that the important role played by FOS is not lost. There is also an Annex containing responses to some of the specific questions in the Call for Input.
- Financial Services Consumer Panel response to CP24/22: Further temporary changes to handling rules for motor finance complaints [pdf] – the response was dated 5 December 2024, and addressed the need for further temporary rules on complaint handling, the duration of any new temporary pause on complaints, the complaints subject to any new temporary pause, the Panel’s expectations during any temporary pause on complaints, and communications with consumers.