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Consumer Duty View - final Consumer Duty rules and guidance

Welcome to our second edition of Consumer Duty View.

28 July 2022

Publication

As you will have seen, the long awaited final FCA Policy Statement on the Consumer Duty (PS22/9) and the finalised guidance (FG22/5) have been published on 27 July 2022. The implementation timeline has been confirmed as being phased with a deadline of 31 July 2023 for all in scope new and existing products and services that are open to sale or renewal and 31 July 2024 for closed products and services.

Coming in at 161 pages for the policy statement and 121 pages for the finalised guidance, there is again, a lot for firms to work through. The FCA has retained their approach on many items - this is not a radical shift – but there have been a number of updates made to the finalised guidance and the FCA has introduced a new requirement for firms’ governing bodies to have signed off the Consumer Duty implementation plans and be able to evidence they have scrutinised and challenged them by the end of October 2022. This will be another uplift for firms with the FCA warning that it will ask for implementation plans, boards papers and minutes and challenge firms on their contents.

We have provided key highlights below.

Key Changes Since CP 21/36

We have tabled below some of the key questions that PS 22/9 has now sought to clarify or address following CP21/36:

Additional Support

Many firms face a challenge in coming to terms with the practicalities of effectively implementing this new Consumer Duty. We’re here to help you demystify it and have a growing suite of helpful tools and materials, including our Consumer Duty Toolkit, which:

  • provides an “off-the-shelf”practical and user-friendly templates and guidance is designed to assist smaller firms with the process of updating existing policies/documentation to reflect the new requirements of the Consumer Duty;

  • identifies the areas of uplift and enhancements; and

  • includes implementation materials across:

    • Management information;
    • Board reporting;
    • Enforcement risks;
    • Identification of key harms; and
    • The regulatory delta.

We bring a diverse team of international specialists, not only lawyers from across our contentious and non-contentious practices, but also data scientists, legal engineers and legal designers, who can help with your implementation. This includes answering key questions around project execution, product governance, data monitoring and communications.

We can quickly get you to the core of the uplift needed and build the foundation for your Board and Senior Managers to fulfil their roles in overseeing compliance with the Consumer Duty.

Do please let us know how we can help you further.

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This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.

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