Understand what you need to know ahead of the FCA's new Consumer Duty regime, we're here to support you on this journey. You'll find a range of resources to help you understand the new rules. Keep checking back – we'll be adding new content on a regular basis.
The new Consumer Duty regime sets out the FCA's plans that will focus more on consistent monitoring of good customer outcomes rather than technical adherence to specific rules. The rules have been published and will begin being implemented in July 2023. However, the FCA is very concerned about the current cost of living crisis, so immediate action is being encouraged.
Who is it for?
All members that conduct FCA-regulated business in personal leasing or rental.
The new rules were published by the FCA in July 2022 and will begin coming into force in July 2023.
- For new and existing products or services that are open to sale or renewal, the rules come into force on 31 July 2023
- For closed products or services, the rules come into force on 31 July 2024
Regulated firms are expected to start making plans and moving towards these new expectations now.
A full overview of the Consumer Duty, as presented to BVRLA members on 12 May 2022 can be accessed below.
This is a significant topic that fundamentally impacts how many members will operate. As such, the BVRLA is committing significant resources into working with the FCA on the formation and introduction of the new regime.
The association's full reponse to the consultation can be viewed below, while ongoing work on this includes the creation of a member-led working group. The working group brings specialists from across the industry together to discuss the topic of consumer duty, with representatives coming from organisations of varied sizes and specialities.
A number of resources, training materials and events will also be made available to members. Details will be shared via this page and communicated to members as appropriate.
Get a deeper understanding with our training programme