In 2021, the Financial Conduct Authority introduced its new Consumer Duty which they stated “will fundamentally improve how firms serve consumers”

Aimed at setting higher expectations for the standard of care firms give to consumers, the new Duty will be a central part of the retail financial services landscape for years to come.

With final rules and guidance published on 27 July 2022, firms are now preparing for implementation. The FCA have made clear that implementation will be in two phases:

  • for new and existing products or services that are open to sale or renewal, the Consumer Duty Rules come into force on 31 July 2023 
  • for closed products or services, the Consumer Duty Rules come into force on 31 July 2024 

Boards need to have finalised their implementation plans by the end of October 2022. These plans should be available to share with the FCA.

As you start to look at the practical steps for implementing the Duty, we track the latest developments, provide legal insights, flag potential risks and discuss how these can be managed to ensure a smooth implementation and minimise the risk of adverse regulatory engagement in the future.

The team at TLT are dedicated to supporting and advising you on navigating these new rules and guidance. Read more from us below on how to navigate this change.

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