Our Consumer Duty Work Programme
The IA has developed an extensive programme of work to support members with their Consumer Duty implementation efforts. Since then, we have been working at pace to progress on key outputs to aid member delivery.
Consumer Duty Member Forum
Our dedicated Consumer Duty Monthly Forum provides a space for members to share views, insights and implementation challenges. The Forum also facilitates engagement between the FCA and industry through dedicated Q&A.
Working Groups
We have also established three Working Groups, aligned to the Consumer Duty outcomes, with the objective of overseeing the production of practical guidance for members:
- Working Group 1: Products and Services / Price and Value
- Working Group 2: Consumer Understanding and Support
- Working Group 3: Monitoring, Reporting and Governance
Latest Developments
IA Publications to Assist with Consumer Duty Understanding & Support Implementation
The IA has published two documents to assist members: A summary of Phase 1 of our research on fixed income communication; and A list of considerations for investment managers when implementing the rules on Understanding & Support. Read more.
IA Publications to Assist with Consumer Duty Monitoring, Reporting & Governance obligations
The IA, in partnership with Linklaters, is publishing two documents to assist members with implementation of the Consumer Duty, focused on the monitoring, reporting and governance obligations. The first is a Consumer Duty Board Champions FAQs and the second is a Monitoring Framework which sets out a roadmap for approaching firms’ monitoring obligations. Read more.
Practical Guidance & Support
Scoping
On 13 January 2023, the IA, in partnership with Linklaters, published the Consumer Duty Scoping FAQs.
Scoping for many firms remains a challenge with questions still outstanding, including the impact of material influence, territoriality, and responsibilities throughout distribution chains. Our FAQs are intended to support members as they progress their implementation efforts.
Consumer Duty Scoping FAQs
Price and Value / Products and Services
EMT version 4.1
Guidance note
Distributor Feedback Loop
Guidance Note
Consumer Understanding and Support
On 2 June, the IA is published two documents to assist members with implementation of the Consumer Duty, focusing on the Consumer Understanding and Consumer Support outcomes. The first, produced in conjunction with The Wisdom Council, is a summary of Phase 1 of our research on fixed income communication. The second, produced in conjunction with Macfarlanes, is a list of considerations for investment managers when implementing the Consumer Duty rules on Understanding & Support.
Monitoring, Reporting and Governance
On 24 July, the IA, in partnership with Linklaters, is released two documents to assist members with implementation of the Consumer Duty, focused on the monitoring, reporting and governance obligations. The first is a Consumer Duty Board Champions FAQs and the second is a Monitoring Framework which sets out a roadmap for approaching firms’ monitoring obligations.
