Protecting the Consumer & Driving Innovation in Retail Financial Services: Impacts of the FCA’s Consumer Duty Regulations
The new Consumer Duty is a significant extension to the FCA’s regulatory regime targeting retail firms and their supply chain. The extensive new rules recently consulted upon, are likely to result in significant changes to financial services. They signal an important new direction for the FCA, with a strong consumer outcome focus.
The Duty will require significant changes to how firms communicate with their customers, what they need to consider before they do, and how they must track consumer understanding to ensure customers receive better outcomes. It is likely to require new and innovative processes and technologies to deliver the new rules, with the changes expected to cost the industry over £2billion to implement.
This webinar will summarise the key components of the new proposals:
- The scope of the new duty and principle
- The cross-cutting rules
- The four outcomes
They will then explore the proposals relating to customer communications in greater depth, and what this might mean for innovation in the sector.