Regulatory Developments
FCA's 10 key questions for firms to consider
On 28 June, the FCA released 10 key questions, taken from the Finalised Guidance, for firms to consider when identifying and remedying any gaps or areas for improvement as the July deadline approaches. The FCA expects senior leaders to be considering these questions among others when assuring themselves of compliance.
FCA Publishes findings from a review of fair value frameworks
On 10 May, the FCA published findings from its review of firms’ approaches to fair value assessments under the Consumer Duty. The sample consisted mainly of large firms within retail banking, consumer investments, payments and digital assets, and consumer finance sectors, though the FCA notes that its observations will be relevant to the wider population of regulated firms.
FCA amendments to Consumer Duty following December Quarterly Consultation Paper
On 30 March 2023 the FCA made amendments (FCA 2023/10 and Handbook Notice 108) to the Consumer Duty rules in response to feedback received on proposals presented within its December Quarterly Consultation Paper CP22/26. Please see our circular for more information.
Multi-firm review
On 25 January 2023, the FCA released its Multi-firm Review of the Consumer Duty implementation plans of larger 'fixed' firms which have a dedicated FCA supervision team, who primarily operate in retail financial service markets. Please see our circular for further information.
Portfolio letter - February 2023
On 3 February 2023, the FCA published its Dear CEO/portfolio letter to the asset management sector to help firms implement and embed the consumer Duty effectively. Please see our circular for further information.
FCA Resources
Inside FCA Podcast
Explaining Consumer Duty Outcomes Monitoring (28 June 2023)
Consumer Duty information sharing and the April milestone (27 March 2023)
What the Consumer Duty means for authorisation (20 February 2023)
What does the Consumer Duty consumer support outcome mean? (7 February 2023)
Explaining the Consumer Duty consumer understanding outcome (27 January 2023)
Understanding the Consumer Duty products and services outcome (17 January 2023)
What is the Price and Value Outcome? (6 January 2023)
Webpages
Webinar recordings
Banking and payments (1 November 2022)
Retail lending (1 November 2022)
Insurance (18 October 2022)
Consumer investments, pensions and asset management (18 October 2022)
Speeches
Cultural evolution: how culture must change to meet expectations (26 June 2023)
Countdown to the Consumer Duty (10 May 2023)
Call of Duty: How putting customers front and centre will help industry innovate (22 February 2023)
From Zeroes to Heroes: How culture in financial services can change for everyone’s benefit (November 2022)
Rolling regulation forwards (November 2022)
FCA's key priorities for the financial advice industry (November 2022)
The role of the FCA in a changing regulatory landscape (October 2022)
What firms and customers can expect from the consumer duty and other regulatory reforms (September 2022)
How the UK will regulate for the future (July 2022)
Supporting consumers in challenging times (May 2022)
Critical issues in financial regulation: The FCA's perspective (April 2022)
Supporting consumers through tough times – priorities for credit regulation (March 2022)
Regulating for better outcomes - next steps in consumer credit (October2021)
Consultations & IA responses
CP22/26
In their December Quarterly Consultation Paper, the FCA consulted on a number of rule changes, intended to provide clarificatory amendments to the Consumer Duty. The IA's final response to the CP is available to members here.