The introduction of a new UK Consumer Duty by the Financial Conduct Authority (FCA) will set higher expectations for the standard of care that financial services businesses provide to consumers and is expected to precipitate a significant shift in culture and behaviour among providers.
Given an anticipated short nine-month implementation period once the FCA publishes its Handbook of rules and guidance in July, firms should commence their preparations immediately if they are not already in motion. For many, the transition to ‘good’ customer outcomes likely presents a significant task, as does shifting the focus to ensuring that those outcomes are consistently delivered.
To learn more about the Consumer Duty and its implications, download our PDF here.
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