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February 13, 2023
By the end of October 2022, firms should have reviewed, challenged and agreed their plans for implementing the Consumer Duty, ensuring that they were robust and deliverable, and should now be well on the way to putting those plans into practice and embedding the requirements of the Duty in their businesses. Having carried out a review of implementation plans from a sample of firms, the FCA published its findings on 25th January 2023. The FCA has also issued a ‘Dear CEO’ letter about implementing the Consumer Duty to firms in the general insurance and pure protection (GI & PP) sectors.
Firms now have less than six months to embed the requirements of the Consumer Duty in their businesses, so this Hot TopICS looks at what firms can do to deliver their implementation plans and embed the requirements of the Consumer Duty into their business processes and procedures.
If you have any questions regarding Consumer Duty Guidance you can get in touch and discuss anything you need with our team of highly experienced consultants.
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