Annual Board Report Overview Section PRIN 2A.8.3 of the FCA Handbook requires firms to prepare a governing body report. This annual board report must set out all results and management information obtained from the mandatory outcome monitoring and testing. The board (or equivalent governing body) must review the report, approve the outcomes and any remedial […]
“Assessing the compliance of firms with Consumer Duty obligations.” Consumer Duty assessment and monitoring has been a key focus for the FCA since it came into force last year. The regulator has been completing monitoring waves across a range of sectors to assess compliance with the Consumer Duty rules. The second wave of monitoring sampled […]
What is an Important Business Service? An important business service is one that if disrupted, could cause potential harm to consumers and/or pose a risk to the stability and integrity of the financial market or system. Completing an Important Business Services Assessment is mandatory for many regulated firms. The identification and documentation of such services […]
This article provides information on the Consumer Duty and offers suggestions for complying with the rules and outcomes. We have put the FCA Consumer Duty guidance into simple to read sections and have included controls and tools for adherence to the Duty requirements. What is The Consumer Duty? The FCA’s Consumer Duty (“the Duty”) came […]
Consumer Duty Speech Nisha Arora, Director of Cross Cutting Policy and Strategy at the FCA delivered a speech last week at the Deloitte: Consumer Duty – Next Steps event. It’s been 3 months since the Consumer Duty came into force and the FCA are keen to emphasise that this is still one of their key […]
What is the Consumer Duty? Knowing how to write a product approval process is an essential function for the FCA’s latest retail market rules. The Consumer Duty (‘the Duty’) came into force on 31st July 2023 for new and existing retail products and services. The Duty only applies to retail market customers and aims to […]
Who Are Vulnerable Customers? The FCA define a Vulnerable Customer as: – “Someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care.” In their Approach to Consumers guidance paper, the FCA notes four factors that can act as drivers to actual […]