The FCA Consumer Duty comes into force on 31 July 2023 for new and existing products and services that are open to sale or renewal. This marks a shift in the FCA's expectations with the introduction of higher standards.
A recent survey revealed that 28% of firms hadn't decided when they would train their staff on Consumer Duty. There are three main obligations that regulated firms need to meet in order to comply with Consumer Duty which all staff should be aware of.
The ten questions the FCA suggest firms think about also provide insight into what the FCA expects.
This simple checklist outlines the three key obligations regulated firms must meet under the Consumer Duty. Each of these is listed and explained to give a comprehensive overview of the FCA's expectations. We have also included the ten questions the FCA recommends firms consider.
This checklist will help your staff: