Nisha Arora, Director of Cross Cutting Policy and Strategy, gave a speech this morning marking three months since the Duty came into force.
The key highlights of the speech are:
- The good practices we have already seen underline the importance of this work. Continuing this momentum will realise more and more benefits to consumers, firms, and the UK as a whole.
- The Consumer Duty is not a once and done exercise. Firms need to make sure they are learning and improving continuously and must be able to evidence this in their annual board report.
- Those with closed products and services should check they are on track to meet the 31 July 2024 implementation deadline.
- The Consumer Duty remains a top priority for the FCA. We will continue our work across all sectors to test firms’ implementation and embedding and will share good practice to support the industry.
We’ve also made some changes to the Consumer Duty landing page to make the information easier to navigate now the Duty is in force. Please do let me know if you have any feedback on this (you may need to refresh your browser to see the updated version).