Investigations are already underway on firms that are potentially in breach of Consumer Duty, following its introduction this summer. To help members remain compliant and aware of actions they should be taking, the FCA recently hosted a webinar: “Consumer Duty: the next steps”.
The free-to-access webinar can be watched back online now. Containing practical examples of how the duty has been implemented to date, the FCA outlined:
- The current supervision and enforcement approach
- Sector-specific areas of focus
- Examples of good practice
- Next steps to be taken
The FCA’s Director of Cross Cutting Policy and Strategy, Nisha Arora, spoke to the importance of Consumer Duty being seen as an ongoing responsibility for firms. It is not a ‘once and done’ task and requires work to be embedded effectively. It was also noted that a firm’s board (or equivalent governing body) should review and approve an assessment of whether the firm is delivering good outcomes for its customers at least annually.
The webinar highlighted that an area of focus for firms should be their assessments of fair value for products. Members are encouraged to ensure they have taken the adequate steps within their firm in this area. Where steps may be ongoing, it is important to demonstrate the progress being made and have a clear timeline for completion.
Members can watch Consumer Duty: The next steps online now and are encouraged to consider what the practical examples mean for them. The BVRLA team remains on hand to discuss any elements further: email [email protected]
