Consumer Duty
In our opinion the most significant and far-reaching new set of regulations this century. It is not only difficult to implement, but costly, and with potentially serious personal ramifications for directors and senior managers who get it wrong.
Many view Consumer Duty as merely a consolidation of a range of regulations brought in by the Financial Services and Markets Act 2000. Believe that at your peril! The FCA is very much on record as saying they are disappointed with the financial services industry’s inability to put the customer the heart of all they do. We believe this time they mean business and will strongly enforce compliance with the Duty.
By introducing a new Principle for Business and a new personal Code of Conduct Requirement, FCA enforcement can target both the firm and its management teams.
Mutual Governance has engaged with a number of firms to assist in their implementation and ongoing delivery of Consumer Duty. You could benefit from our wide experience by asking us to review your approach and benchmark it against others.
For more information please contact [email protected]