The New Consumer Duty - Part 2

In December 2021 the FCA published a second Consultation Paper which sets out in further detail its proposals for a new Consumer Duty, aimed at providing a higher level of consumer protection in retail financial services.

Brian Corr made a recent statement on Consumer Duty, where he makes clear the regulator has already warned that firms should not wait, and should be looking now at getting the right mindset, culture and data in place to deliver the aims of the new Principle 12 on Consumer Duty. Firms should already be “looking for gaps” between their current state and where they will need to be once Principle 12 takes effect now and should not wait until the final made rules are released.

To ensure readiness for the implementation of the new Principle 12 (Consumer Duty), one thing firms will need to do now is to undertake full business reviews during the relevant implementation period, have conversations with distribution partners and also consider building capability to manage increased ongoing monitoring requirements.

Ahead of the final rules being released in July 2022, here is a summary of its contents to help firms meet its implementation plans.

Download our whitepaper by filling in the form below to find out why there will be a change, information on the cross-cutting rules and the four outcomes.

Auxillias has prepared a range of solutions for clients to help them with their implementation of the new Consumer Duty. Whether its sense checking, internal plan, guiding compliance teams or working directly with you to put in place the necessary infrastructure, we have a tailored solution for you. Please feel free to get in touch and book in an initial review with one of our consultants.