Consumer Duty

The FCA will be hosting a webinar to help firms understand its expectations now that the Consumer Duty is in force.

Identifying not just who is complaining but rather who is not complaining is an important step

The FCA has published a customer-focused web page announcing the implementation of the new Consumer Duty.  

As of 31 July 2023, the Consumer Duty is now in force. The FCA is expecting initiatives for improvement to come from the highest levels and will hold companies, including senior executives and boards, responsible for ensuring positive outcomes for consumers.

To help you start thinking about the culture in your organisation as part of Consumer Duty, I like to think about something that I learned in school: the, ‘what, when, where, why and how’.

There’s just over a month left until the implementation deadline for the new Consumer Duty. Is your business prepared?

This article, provided by guest authors Robin Wood and Roger Franklin, continues our series looking at an insurance broker’s duty of care and improving the quality of your Professional Indemnity risk management. This week focuses on the FCA’s Consumer Duty.

The Consumer Duty will require a significant shift in culture and behaviour for all insurance intermediaries. Senior Management will need to drive the changes forward and set the tone from the top, embedding the cultural shift within the firm’s values and behaviours.

Under the Consumer Duty, firms must enable and support customers to pursue their financial objectives throughout the customer journey. In this article, we will look at how you can support your customers throughout the lifecycle of a product or service.