Firms subject to the Financial Ombudsman Service need to keep up with regulatory news, especially in light of FOS fee reform and FCA redress changes. We summarise the consultations and what they mean for your business below. What’s in the consultations?…
Staying informed and proactively managing consumer duties remain a top priority for firms. However, detecting problems and anticipating risks has proven to be a significant challenge for many businesses. To address this challenge, we’re offering a Consumer Duty MI template…
According to the FCA, culture audits, culture prints, and culture maps are precisely where the problem with culture starts. FCA considers that as soon as we attempt to wrap metrics around culture or conduct, we are missing the point because…
Introduction On 28 June 2023, the FCA published a reminder article on the upcoming go-live of the Consumer Duty. It posed “10” (well, 14 actually) key questions for firms to consider. We thought it would be useful to map those…
The Financial Conduct Authority has made it clear that Consumer Duty is not a “once and done” exercise and firms should be continually challenging themselves to ensure they are delivering good outcomes for clients. Consumer Duty implementation can be a complex journey…
Introduction The FCA’s Consumer Duty has had a significant impact on the SMCR. It has: First: great emphasis on culture and conduct The Consumer Duty emanates in part from The Consumer Principle, Principle 12, which requires firms to ‘act to…
The new Consumer Duty has ushered an era marked by elevated standards, better transparency, and a renewed emphasis on trust. Previously, firms simply needed to demonstrate to the regulator that they had followed the regulatory signposts even if customers didn’t…
Every transformative journey, no matter how well-intentioned and well-informed, has its blind spots. Recognising and addressing these is not just a necessity but a duty as the name Consumer Duty infers. Firms need to do this to not only meet…