Consumer Duty Bulletin: Short and Suites!?

The pressure created by the 31 July 2023 Consumer Duty implementation deadline, on top of all the other challenges firms have faced, have meant that many firms may have found themselves preoccupied with ensuring that the core activities under their implementation plans have been fulfilled. We have seen many of our clients pulling out all the stops to make sure that they fulfilled their obligations under the products and services and price and value outcomes. However, the importance of reviewing and enhancing customer-facing pre-contractual and contractual documentation should not be overlooked.

In the new Consumer Duty world, firms need to move away from seeing regular reviews of customer-facing documentation as best practice and instead look at it as  key component in achieving compliance with regulatory requirements.

In this bulletin, we explore ten key reasons why lenders and brokers in consumer finance should prioritise the review of their customer-facing documentation, particularly precontractual and contractual documents, to meet the new Consumer Duty standards.

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