The Financial Conduct Authority (FCA) has made a suite of new resources available to support firms preparing for the introduction of the new Consumer Duty. The authority’s latest materials include a podcast looking at the principles behind the consumer support outcome.
Last week, Sheldon Mills, FCA’s Executive Director – Consumers and Competition delivered a speech about how putting customers front and centre will help the industry to innovate. The full speech can be accessed online. In that speech, Mills outlines how regulated firms should focus on addressing the areas that will have the greatest impact on consumer outcomes.
Getting BVRLA members into a position of readiness ahead of the new Consumer Duty being implemented remains a priority of the association. Shashi Maharaj, Director of Legal & Membership was recently invited to attend a round table hosted by the FCA to better understand the authority’s expectations and share feedback from BVRLA members.
As part of the roundtable, the FCA outlined its communications plan and upcoming resources that will be made available to members in the coming weeks. These will include webinars, podcasts and sector-specific letters. The BVRLA reiterated the need for the FCA to focus on adequately assisting and supporting small and medium sized entities to prepare for the Consumer Duty, as well as to provide more motor finance specific guidance. The FCA confirmed that it planned to engage more with smaller firms and that a motor finance sector specific letter to firms would be sent out in due course. The FCA also confirmed that its supervisory approach to smaller firms would be pragmatic and proportionate.
In tandem with the FCA materials, the BVRLA is working to support members every step of the way and will shortly share details of additional resources for members. All existing materials can be found on the Consumer Duty hub, or members are encouraged to email [email protected] with any questions.
