How Ready Are You for The FCA’s New Consumer Duty Rules?

In July 2022, the FCA published its policy statement, PS22/9 - A new Consumer Duty, in which they introduced new rules to ensure financial services firms recognise the impact their services and products have on the consumer and provide a safeguard from exploitation.
PS22/9’s publication brought with it a number of key dates that firms need to be aware of. The first and foremost of these is the end of October 2022. It is by this date that firm’s boards should have agreed their consumer duty implementation, delivery and oversight plans.
Firms need to be aware that adequate and robust implementation requires a tailored approach, specific to the consumer needs of each firm. The needs of the consumer will be as unique as the firm itself, and the implementation plans need to reflect this. Alongside this, they also need to consider the impact on their own business and their interactions with other regulated and non-regulated third parties within their implementation and delivery plan.
In this 60-minute live webinar, Complyport’s expert consultants discussed the key deadlines firms need to meet to be compliant with PS22/9 as well as how best to prepare for and meet the first deadline in October 2022.
During this webinar we :
• Briefly reviewed PS22/9 and the key changes it will bring,
• Covered the key deadlines from October 2022 to July 2024,
• Discussed the requirements for the first deadline in October 2022, and
• Considered how best to prepare the implementation and delivery plan.