FCA Compliance

The FCA has published its’ Consumer Duty Policy Statement and Finalised Guidance. What do firms need to know?

UK financial services regulation has evolved over the past sixteen years or so, as regulators have sought to provide positive outcomes for consumers and reduce the risk of harm in the market. Consumer Duty, however, takes this consumer-focused regulation to the next level. What should firms be focussing on?

The FCA has recently updated its list of fake FCA emails to include recent reports of fraudulent activity.

The FCA has published its board minutes from a meeting on 26 May, covering, among other things, an update on the Consumer Duty.

Following the introduction of finalised guidance on the fair treatment of vulnerable customers in February 2021, the FCA has published examples of the positive steps firms have taken to embed its guidance and the areas where it expects to see improvement.

RWA has launched a Consumer Duty Gap Analysis to help firms prepare for the new rules expected at the end of July. Is your firm ready?

The FCA has advised that it is planning to move to seven-digit Firm Reference Numbers (FRNs) and Product Reference Numbers (PRNs) for all newly registered firms and funds.

The FCA is using data to tackle online fraud faster by scanning around 100,000 websites created every day to identify those that appear to be scams. Between May 2021 and April 2022, 1,966 possible scams were added to its consumer warning list, which is over a third more than during the same period the previous year.

Final rules are expected on the FCA’s upcoming Consumer Duty at the end of July. This will be followed by an implementation period that is proposed to end on 30 April 2023. What does the FCA’s Consumer Duty mean for firms?

Get UKGI Insight In Your Inbox

Regular business news and commentary delivered direct to your inbox each week. Sign up here