Consumer Duty starts to take hold

1 September 2022 Lisa CrossCompliance

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.”

Don’t forget to check Our View about this article and the Actions Required By You

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

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Our View

Firms need to be starting to think about how Consumer Duty requirements will be implemented. A plan is required by the end of October ahead of the rules taking effect in 2023.

Action Required By You

Schedule a management level discussion of how the firm will implement Consumer Duty. ATEB can help firms understand what is required and how it can be implemented.