The BVRLA's response to final structure of the FCA's Consumer Duty
Commenting on the announcement from the Financial Conduct Authority (FCA), Toby Poston, Director of Corporate Affairs at the BVRLA, said:
“Momentum is building for the new Consumer Duty. Even with the timeline extending*, those not already taking notice of what is coming will soon find themselves falling behind. The time has come to get on the front foot.
“Ensuring the consumer is at the heart of everything is the gold standard and ensures that business can be conducted in a fair, consistent way. The BVRLA remains close to the FCA on this to ensure that our members can stay fully informed on what the changes mean for them and what steps they should be taking.”
To provide guidance on the final structure of the Consumer Duty, the BVRLA is hosting a webinar, Industry Outlook: What is Consumer Duty?, from 9am on Thursday 11 August. Opening with an overview of the structure from Jo Davis of Auxillias and the BVRLA’s Legal and Membership Director, Shashi Maharaj, the webinar will also feature a panel discussion on the new Consumer Duty and how it will impact the personal finance market.
The Industry Outlook webinar forms part of a suite of resources the BVRLA is publishing for members to refer to when making the necessary changes to ensure they are compliant with the new Duty. Also spanning online resources and member guidance, the suite is available to BVRLA members via the association’s website.
* 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. It was initially expected that the rules would come into force in April 2023.