Bitesize session – The Big Bang! The New Consumer Duty has landed. 8th August 2022 (11am-12 noon)
The FCA has confirmed its plans to introduce a new Consumer Duty, across the financial services industry, aimed at improving how firms serve customers.
The Duty is made up of a new overarching Principle, four new Outcomes, and an additional set of new Rules, all of which have just been published within a Policy Statement and Finalised Guidance paper.
This is our third webinar on this very important topic, as firms will need to examine their business models, customer journeys, processes, and determine what steps they need to take in line with FCA expectations.
The Duty will in the main, subject to some exemptions, apply to all firms, dealing with all types of customers (Including commercial customers), and will be introduced on a phased basis.
It applies to the whole of the financial services markets, including Banks, Insurers, Investment firms, Brokers, MGA’s, IFA’s, claims management etc:
- For new and existing products or services that are open to sale or renewal, the rules come into force on 31st July 2023.
- For closed products or services, the rules come into force on 31st July 2024.
Firms should not wait until 2023 to start thinking about how they will implement the Duty.
The FCA has stated it is taking an assertive approach to implementation and has made it clear it expects that by the end of October 2022, for example firms’ boards (or equivalent management bodies) should:
- have agreed Consumer Duty implementation plans; and
- be able to evidence they have scrutinised and challenged the plans to ensure they are robust and can be delivered.
Book on this session NOW, to hear how the Duty will affect you and the changes FCA has made since to the Duty since its initial consultation papers were issued in 2021.
Book on this session to learn more about its revised thinking so that you can start to consider the implications on your firm’s activities – FREE OF CHARGE FOR OUR CLIENTS
Delivery: Via Zoom (Details will be sent to you once you have booked your place)
Cost: FREE for Create Solutions clients