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Countdown to the Consumer Duty 2024

Updated: Jul 3

As the 31st July deadline looms for closed products implementation and for board sign off on the annual board report, the FCA is publishing some extra information for firms.


Wooden figures bein shielded by a red umbrella against a blue background

The regulator published Dear CEO letters for firms in diffferent sectors in May. These serve as a reminder of the impending deadling and highlights the priority issues for firms to consider and the actions they should be taking ahead of deadline.


At the end of June, the guidance on the requirements for annual board reports was updated and is a useful resource for firms wondering what should be included or what the sign off process should be.


MI, data and evidence is the backbone of the annual report both for this year, and is likely to be even more central an influence in future. Whether or not your firm is in the insurance space, the findings from the FCA's review of approaches to outcomes monitoring under the Duty in that sector is likely to provide useful food for thought.


We can expect the FCA to be reviewing more industry sectors following the 31 July deadline, and to be asking firms for a copy of their annual report.


 

Get in touch if you’d like support or training on Consumer Duty. You can reach the team on contact@adempi.co.uk or by calling 0203 925 4761.

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