WebJul 29, 2024 · The new Consumer Duty implementation deadline for new and existing products and services has been moved back three months by the FCA from its original consultation paper to 31 July 2024. The FCA has provided further time for firms to review their closed/back-book products and services, as the deadline for firms in respect of … WebFour years on from the first discussion paper on duty of care and potential approaches, …
FCA finalises Consumer Duty rules - Passle
WebDec 9, 2024 · The Consumer Duty (the Duty) has far-reaching implications for firms’ … We are introducing rules comprising: 1. A new Consumer Principle that requires firms to act to deliver good outcomes for retail customers. 2. Cross-cutting rules providing greater clarity on our expectations under the new Principle and helping firms interpret the four outcomes (see below). 3. Rules relating to the four … See more This policy and guidance is likely to interest: 1. regulated firms, including those in the e-money and payments sector 2. consumer … See more The rules and guidance we are introducing come into force on a phased basis: 1. for new and existing products or services that are open to sale or … See more suntech infoguard
The FCAs proposed new Consumer Duty 10 things to know
WebJul 28, 2024 · Welcome to our second edition of Consumer Duty View. 28 July 2024 Publication. Share Publication. As you will have seen, the long awaited final FCA Policy Statement on the Consumer Duty ( PS22/9) and the finalised guidance ( FG22/5) have been published on 27 July 2024. The implementation timeline has been confirmed as … WebFive steps to drive Consumer Duty implementation and long-term gains. Consumer Duty will set clearer and higher standards for the culture of firms and the conduct the Financial Conduct Authority (FCA) expects of them. This will require firms to put customers at the heart of their businesses, offer products and services that are fit for purpose ... WebThe FCA's Consumer Duty will increase the current level of consumer protection in the retail financial services market. With it, the FCA has signalled a " paradigm shift in its expectations " and therefore the impact … suntech hub owerri