FCA reminds firms about ICO guidance in relation to direct marketing and regulatory communications

July 31, 2023

The FCA has updated its ‘Consumer Duty – information for firms’ page to remind firms about data protection law and customer communications.  Under the Consumer Understanding outcome, the FCA expects consumers to be given the information they need, at the right time, and presented in a way they can understand.

Key points to note

  • The Information Commissioner’s Office (ICO) guidance on direct marketing and regulatory communications explains how to draft regulatory communications, and includes illustrative examples.
  • Administrative or customer service messages aren’t considered to be direct marketing, so there are no restrictions on communicating this type of information.
  • Firms can also provide regulatory communications to all customers that provide neutral, factual information. For example, information about the product they hold, terms of other available products, and what their options are for moving to another product.
 
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