WebJan 4, 2024 · We’ve advised hundreds of financial services firms on FCA consumer duty compliance. And, in doing so, we've ensured a good outcome for regulated firms and customers alike. Don’t wait to see what other UK firms do in response to these new rules – you’ll only get left behind and earn a slap on the wrist from the financial conduct authority. WebApr 6, 2024 · The FCA's Business Plan details the work it will do over the next 12 months to help deliver the ... The Consumer Duty is a significant shift in our expectations of firms and is particularly important as consumers face squeezed incomes and the rising cost of living. ... In response to our Strategy, we’ve continued to increase scrutiny on firms ...
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WebJul 13, 2024 · Consumer Duty - an overview. Rightly or wrongly, the FCA believes there to be a general failure by authorised firms to provide retail consumers with products and services that meet their expectations. The Consumer Duty is the FCA's answer to the problem, with its stated aims of setting a higher expectation for the standard of care that … WebMay 20, 2024 · The regulator used the Discussion Paper as a platform to seek views on gaps in the FCA’s framework in relation to protection of consumers, and to canvass opinion on the merits of a new duty of care to consumers. Fast forward to April 2024 and the FCA published a subsequent Feedback Statement ( FS19/2 ), which outlined the responses to … cheshire white door
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WebApr 7, 2024 · The FCA has allocated £5.3 million to overseeing the implementation of the Consumer Duty. While this is only 0.77% of the FCA’s total annual funding budget of £648.2 million, it is a significant amount to be allocated to a single initiative as compared to the other initiatives set out in the FCA’s budget. WebDec 9, 2024 · This blog was published on 09 December 2024. At a glance: The FCA promised a paradigm shifting set of proposals and it has delivered on this. The Consumer Duty (the Duty) has far-reaching implications for firms’ treatment of consumers and will require firms to consider almost every aspect of the firm-consumer relationship. WebJul 28, 2024 · The FCA has published the final rules and guidance and accompanying non-Handbook guidance relating to the new Consumer Duty (the Duty).While the nature and scope of the Duty remains largely unchanged in most areas, the final rules and guidance contain some significant changes and clarifications relating to how the Duty will apply in … cheshire wholefoods muesli