Final rules are expected on the FCA’s upcoming Consumer Duty at the end of July, followed by an implementation period that is expected to end on 30 April 2023.
The Consumer Duty will set clearer and higher expectations for firms’ standards of care towards customers and firms will be expected to proactively seek to achieve positive consumer outcomes.
RWA has launched a Consumer Duty Gap Analysis to help firms prepare for the new guidelines and understand any areas in their current processes where more work is needed.
Having recently trialled the gap analysis audit, Deputy Head of Compliance at RWA, Kirk Ford, has received the following positive feedback from one of our clients:
“Thanks for coming to see us today and taking us through your pilot ‘Consumer Duty Gap Analysis’ – I now feel that we have a clear plan as to what tasks need doing and what we have achieved so far and, being the first to have this review, I feel assured that we will be ahead of the curve – which is a good feeling!
As always, we appreciate your approach to compliance with the clarity that you provide, all in a very personable and positive manner.”
With the end of July fast approaching, firms should now be starting to think about how they will implement the Consumer Duty. Is your firm ready?
If you would like more information about RWA’s Consumer Duty Gap Analysis, please contact your RWA Business Manager or get in touch via email at firstname.lastname@example.org or call 1604 709509.