February 20, 2024

FCA Update on Consumer Duty

Today the FCA have given an update on what they’ve seen over the last 6 months in regards to the implementation of Consumer Duty.  This makes for interesting reading as they note that some firms are lagging behind and gives some direction for what they expecting to see from firms.

Under the Duty, firms must act to deliver good outcomes for retail customers. Firms should aim to continuously address issues that risk causing consumer harm.

The FCA have committed to highlight good practice and areas for improvement and this publication builds on the review of firms’ implementation plans and their fair value frameworks and previous communications. It:

  • reminds firms of the consumer outcomes required by the Duty
  • sets out recent good practice, including in response to their early supervisory work, to deliver these outcomes
  • highlights areas for improvement where firms have more to do

Firms should read the FCA’s findings below and if you’ve not signed up for the AFEP webinar on Monday please do so!