Following one year since the implementation of Consumer Duty, the Financial Conduct Authority (FCA) has announced what comes next after yesterday's milestone.
In a speech by Sheldon Mills, executive director of consumers and competition, FCA, it was revealed that the regulator will publish a grid of its forward programme of Consumer Duty work in the coming weeks now that the regulation has come into force, having opened a call for input yesterday (30 July). Firstly, there is a need to act to address harm, or potential harm, to retail customers, Mills said. The FCA wants greater understanding of how financial services firms are embedding Consumer Duty, the outcomes customers are getting and where potential issues are emerging. Where the re...
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