Consumer Duty Bulletin Part Six: The FCA’s views

In this Consumer Duty Bulletin, we consider some of the recent and most useful publications and outreach work undertaken by the FCA to assist firms in understanding and implementing the Duty as we approach the April deadline.

These include FCA sectoral webinars and podcasts, the multi-firm review of Consumer Duty implementation plans, the Dear CEO letter to the motor finance sector and credit brokers plus a series of Consumer Duty events.  

 We also recommend keeping an eye on the FCA website for any future communications about the consumer credit sector.

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Auxillias Consumer Duty Toolkit

We have developed a toolkit to help clients to prepare for Consumer Duty and hit the key milestones of 30 April 2023 and 31 July 2023.  It currently includes:

1. A number of high-level templates, example of processes and documentation to help firms define their own key processes under Consumer Duty. 

2. Post-implementation assurance reviews immediately following the key implementation deadlines in April and July. 

3. Advice on identifying manufacturers, distributors, co-manufacturing relationships. 

4. A series of training packages on Consumer Duty for lenders and brokers/retail dealers.

5. Support and guidance on the governance aspects of the consumer duty - including drafting new policies and procedures, reviewing governance and reporting arrangements and senior management oversight and assisting you with the required changes to your Senior Management and Certification Regime arrangements.

If you are interested in finding out more, about our Toolkit please register your interest via this link and we will be in touch.