Introduction The FCA’s Consumer Duty is live. This duty sets out higher standards of consumer protection for all firms that provide financial services to retail customers: the new bosses in financial services. The Consumer Duty requires firms to put the…
With the end of the month approaching fast, we can all be forgiven for focussing on the here and now, and not thinking what happens next? Yet if you can take a few moments to pause and do just that…
Sheldon Mills – the FCA’s Executive Director, Consumers and Competition – gave a speech in which he focused on some key Consumer Duty observations, seeing as the main deadline is 31 July. The points he made were useful, of course,…
The new Consumer Duty feels different The changes the financial industry is implementing under the new Consumer Duty (‘the Duty’) feels very different to the usual big regulatory change projects we have been used to in previous years. The FCAs…
Tip One: Don’t assume you currently do enough This is more than TCF because TCF does not require that firms factor in behavioural biases at every aspect of the customer journey – like you need with the Consumer Duty. Moreover,…
TCF was (is) part of one of the Principles for Businesses: A firm must pay due regard to the interests of its customers and treat them fairly. That’s where it stops, everything else that supports TCF, the six customer outcomes…