Following feedback from the BVRLA, The Financial Conduct Authority (FCA) has launched a Consumer Duty survey to understand the progress that small and medium-sized firms are making in implementing the Duty.
Every SME-sized, FCA-regulated BVRLA member should keep an eye out for the survey, which is being carried out on the FCA’s behalf by Ipsos Mori. The results are anonymous and the FCA will not be told what any individual firms say.
The FCA will use the survey results to understand how prepared firms are in meeting the implementation deadline of 31 July 2023, and how they can best be supported to embed the Duty effectively.
The BVRLA has pushed the FCA to do more for SMEs and not take a one-size-fits-all approach. The association welcomes the survey and will continue to push for the regulator to show sensitivity to firms’ size and provide dedicated resources accordingly.
See the BVRLA’s Consumer Duty guidance.
The FCA is also seeking views on SME access to the Financial Ombudsman Service (FOS).
It has published a call for input on whether the thresholds for SMEs to be able to refer complaints to FOS remain appropriate.
In 2018, the FCA made new rules extending access to FOS for more SMEs. It is conducting a review to understand whether the rules remain appropriate and to ensure that access to the Ombudsman Service remains available for SMEs that are unlikely to be able to resolve disputes with financial services firms through the legal system.
Feedback is requested by 28 April 2023.
