Confirmation this morning that the FCA has revised their webpage and also announced in this speech by Nikhil Rathi that, from today (27 February 2025), they are no longer requiring firms to have a Consumer Duty Champion (although firms can retain the role if you wish to). This does not remove the FCA’s expectations that Boards and senior management ensure the firm’s strategy, culture and objectives focus on delivering good customer outcomes, but it makes the governance requirements much less prescriptive.
The FCA explains that the role was introduced to help firms to embed the Duty in their management discussions, processes and policies. Now that the Duty is in full force, it expects that there is no longer a need for someone to perform this role.
We have also seen that the FCA will be publishing the results of their vulnerability review ‘shortly’ and will be hosting a live webinar to reflect on the findings, share learnings, and discuss next steps on Tuesday 11 March – we will update you on this in due course.
Please let us know if you would like to discuss this.
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