Consumer Duty rules will take full effect from 31 July 2023. However, it is starting to show its face already.
This message is now appearing on Connect in some circumstances.
“The majority of firm types that need to apply for authorisation or existing firms seeking to vary their permissions will need to comply with the new Consumer Duty, as detailed in PS22/9. The application form you are required to complete may have no specific questions relating to the new Consumer Duty rules. However, you should be prepared to supply such evidence as necessary in the application process. The case officer allocated to your firm’s application will advise what information is required to be provided.”
Regulatory permission – use it or lose it
Michael Senior Compliance 2021, FCA, ML, protection, Register
The FCA has published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are no longer being used by financial services firms. Responses to the consultation (CP21/28) close on 29 October 2021. The driver behind the proposed power is the regulator’s belief that incorrect or outdated permissions […]