WebAug 14, 2024 · The Financial Conduct Authority (FCA) has now published its final rules and guidance on its new Consumer Duty (PS22/9 and FG22/5). The Consumer Duty is designed to fundamentally shift the mindset of firms in how they deliver for consumers. The implementation of the Consumer Duty is a flagship initiative for the FCA, setting out its … WebJun 8, 2024 · The FCA are proposing that the new Consumer Principle will be added to the current 11 Principles of Business. The aim of new Principle is to make firms think more about customer outcomes. The regulator has proposed the following options: Option 1: “A firm must act to deliver good outcomes for retails clients”; or
Sally Dewar on LinkedIn: Preparing for the new Consumer Duty
WebA higher standard of customer protection. The FCA’s Consumer Duty represents what the regulator terms a “paradigm shift” in its expectations of firms. The Consumer Duty … WebJul 29, 2024 · On 27 July 2024, the FCA released its Policy Statement on the new Consumer Duty, which includes its final rules. These proposals represent one of the largest pieces of regulatory reform in the retail sector for over a decade. ilp arunachal pradesh online
FCA proposals for a new Consumer Duty Hogan Lovells - JDSupra
WebDec 9, 2024 · The FCA is proposing to give firms until 30 April 2024 to implement the Duty. This is a demanding timetable and firms should waste no time in assessing the requirements, understanding gaps and developing their priority actions and overall implementation plans. WebJun 7, 2024 · The Financial Conduct Authority (FCA) has announced proposals for a new Consumer Duty which is intended to set higher expectations for the standard of care … WebThe FCA opt for ‘good outcomes ’ for the wording of its new Consumer Duty principle. The consultation response deadline is 12 February 2024 and the final rules are to be published by 31 July 2024. However, the FCA is only proposing a 9-month implementation period. ilpathfinder icicibankltd