Web30 jun. 2024 · Consumer Duty represents an opportunity for firms to back up their claims that customers are at the centre of their business — but it will not be easy. More than half of the respondents (54%) believe customer understanding is the outcome that requires the most effort. Additionally, 42% say their business is unprepared. Web29 jul. 2024 · onsumer Duty, or aspects of it. Regulatory responsibilities need to be clear, which they will not be if one layer of regulation is overlaid by another. We would also note considerable concern at the use of the term “duty” because of the legal connotations it brings and believe a phrase such as “consumer care regime” would be more ...
The FCA’s new Consumer Duty - Bird & Bird
Web10 dec. 2024 · FCA makes clear that it expects a cultural shift in how firms focus on consumers. On 7 December 2024, the FCA published its second Consultation Paper ( CP21/36) on introducing a new Consumer Duty. This follows an earlier consultation in May 2024, which set out high-level proposals for how the Consumer Duty would work, but … fiendmeaning
What is the scope of the Consumer Duty DLA Piper
Web19 aug. 2024 · It will then come fully into force on 31 July 2024 and will apply to all closed products and services. There is now a new Principle 12 which sets out that “ A firm must act to deliver good outcomes for retail customers .”. Where the new Principle 12 applies, Principles 6 and 7 do not apply. Principle 12 is considered to impose a higher and ... Web10 feb. 2024 · Fortunately, the FCA has given clear guidance on what it expects to see. TR16/1 tells us it sees research and due diligence as a process carried out by an adviser firm to assess: The nature of an investment. The risks and benefits of an investment. The provider, to establish whether it is appropriate to entrust it with client assets. Web6 jan. 2024 · On 7 December 2024 the UK Financial Conduct Authority ("FCA") published its second consultation on its proposed new Consumer Duty that would set higher expectations for the standard of care that firms provide to their retail consumers. Although the consultation covers all regulated firms dealing with retail customers, perceived issues … fiendly fire