Consumer Duty FAQ - 3 weeks to go

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Consumer Duty’s formal implementation date of 31st July will very shortly be upon us. We have received lots of enquiries about the Duty from firms in the last few weeks, many of which focus on key common issues. In addition, during the last webinar that we held about the Duty, we were inundated with questions that we couldn’t answer on the day, due to time restrictions. So, we have decided to record our answers to those questions, among some other frequently asked questions, to help firms navigate the final few weeks of implementation.

This recording provides answers to questions around the following themes:

• Consumer Duty Champions (who can be one and what are their responsibilities)
• Fair value assessments (what is required)
• Manufacturers’ and distributors’ obligations
• The definition of a consumer
• Vulnerable customers (how do firms identify them and what are their obligations towards them).
• What happens after 31st July
• What does the FCA expect in terms of outcomes monitoring

If you would like to view the recording of this FAQ, then please click on the link below. 

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You can also access our Consumer Duty resource centre here, from which you can access recordings of webinars that we have held as well as a useful guide to the four outcomes.