WebApr 6, 2024 · Our expectations for outcomes monitoring. Consumer Duty Board champions. Definition of closed products. Retrospective application. Proportionality. Requirements … WebDec 9, 2024 · The Duty sets higher expectations for the standard of care that firms give consumers and follows an earlier consultation in May 2024. The Duty is a package of measures, comprised of: A new Consumer Principle (Principle 12) - ‘a firm must act to deliver good outcomes for retail customers’ - that will replace Principles 6 and 7 for retail ...
Webinar Recap: Understanding the Consumer Duty’s outcomes
WebMay 20, 2024 · The regulator used the Discussion Paper as a platform to seek views on gaps in the FCA’s framework in relation to protection of consumers, and to canvass … WebOct 26, 2024 · The hugely significant shift towards the FCA’s new Consumer Duty will culminate in its first deadline on Monday 31st October, when Implementation Plans needs to be ready for regulatory scrutiny. … intelliflow watts
Consumer Duty: The inside track on products and services M&G Wealth
WebOct 26, 2024 · The hugely significant shift towards the FCA’s new Consumer Duty will culminate in its first deadline on Monday 31st October, when Implementation Plans needs to be ready for regulatory scrutiny. … WebThe Consumer Duty regulation is made up of three elements: A consumer principle. This principle is evidenced by a statement issued by the FCA following consultation. “A firm must act to deliver good outcomes for retail clients”. Cross-cutting rules. Expanding on the FCA’s statement firms must take steps to ensure the following: WebConsumer Duty. The FCA’s new Consumer Duty represents a paradigm shift in expectations in the treatment of retail customers across the whole of the Financial Services sector. From our work to date with clients and engagement with the FCA we understand the complexity and challenges faced by firms as they not only demonstrate compliance but ... john baptiste new orleans