Consumer Duty: Action points and pension questions

Consumer Duty may override 'confines of contractual relationship'

clock • 7 min read

Melville Rodrigues summarises the "considerable" action items for managers arising from Consumer Duty implementation and asks questions on the status of certain pension arrangements

Boards or equivalent management bodies of UK managers - as well as other Financial Conduct Authority (FCA)-authorised firms - must have already approved their plan to implement the  Consumer Duty, in relation to products and services offered to "retail customers". The plan must include evidence that firms have scrutinised and challenged the plans to ensure they are deliverable and robust to meet the new standards. The FCA may ask firms to share their implementation plans, board papers and minutes and challenge the contents. The goal, as the FCA has expressed in a September 2022 speech on...

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