WebMay 16, 2024 · The FCA’s proposals for the new Consumer Duty (“the Duty”) are far reaching and represent a “paradigm shift” in the FCA’s expectations of firms. For retail banks, building societies and consumer credit firms, we expect the price and value and consumer understanding outcomes to present the greatest challenges. WebThe FCA’s proposals for the new Consumer Duty have a very broad scope for two key reasons. The first is that the proposals are applicable to financial services and …
FCA Consumer Duty Summary
WebSep 1, 2024 · Recognising these concerns, the journey towards the FCA’s Consumer Duty proposals has involved the following key steps: FCA opened a discussion in 2024 (in DP 18/5: A duty of care and potential alternative approaches ) to explore the need for a duty and what form it might take if introduced, including the potential merits of introducing a ... WebConsumer Duty Key milestones 27 July 2024: Final rules and guidance published. 31 October 2024: Firms’ boards (or equivalent management body) should have agreed their implementation plans and be able to evidence they have scrutinised and challenged the plans to ensure they are deliverable and robust to meet the new standards. 30 April 2024: d-dimer stability room temp
What does the FCA Consumer Duty mean for firms? Grant …
WebConsumer Duty Our new Duty sets higher and clearer standards of consumer protection across financial services, and requires firms to put their customers’ needs first. Consumer Duty: Final rules More information for firms Key publications January 2024: Consumer … WebJun 30, 2024 · T he Consumer Duty principle proposed by the Financial Conduct Authority (FCA) represents a significant shift for the UK financial services sector, creating a new and higher standard for firms to protect retail customers, and serve their best interests. If that sounds like a rule with a broad impact, you are right. Covering all customer … WebAug 10, 2024 · On 27 July 2024, the FCA set out its final rules and guidance for a new Consumer Duty to be introduced into the FCA’s principles for businesses. This … gelish con glitter