The Consumer Duty comes into force on 31st July 2023 for new and existing products and services that are open for sale or renewal, and we know that firms have been working tirelessly to get ready ahead of this deadline.
Consumer Duty however is not mean feat, and in an update this week the FCA have published 10 key questions (taken from their consumer duty finalised guidance (FG22/5)) that firms could be asking themselves in order to ensure they are able to fully implement the Duty both effectively and on time.
These questions are designed to help firms and / or their Boards identify any potential gaps or areas for improvement with their Consumer Duty implementation plans. Additionally, the FCA has made available a range of supporting materials including podcasts, speeches and webinars to help address the common queries that firms may have regarding implementation.
Once in place the most serious breaches of the Duty will be dealt with swiftly by the regulator in cases where the risk of harm to consumers is found.
Adempi has been working with many firms to meet the implementation deadline date and we have a range of policies, tools, training and eLearning available on Consumer Duty. Do contact us if you think we can help you.