The Financial Conduct Authority (FCA)’s second phase of consultation on the Consumer Duty closes today (15 February).
The BVRLA has engaged extensively with members and the FCA and will be submitting a response to the consultation.
The FCA has announced that it will publish a policy statement and announce new rules by 31 July 2022.
The FCA ambition is for the Consumer Duty to transform consumer outcomes across all regulated products. However, there are still many elements of the proposal that lack the clarity needed for firms to understand what changes they might need to make to comply. The BVRLA has called for greater clarity from the FCA on the Consumer Duty’s application to give firms confidence in their compliance.
The association will be working with members to make sure they are able to meet the Consumer Duty requirements.
Members who would like a copy of the BVRLA’s full response are asked to email [email protected].