Consumer Duty and Protection: The impact

"Firms must also understand the characteristics of any consumer who experiences harm or a bad outcome"

clock • 3 min read

In the first of a three-part series exploring Consumer Duty and the protection sector, Andrew Gething of MorganAsh explains the impact of the new duty on intermediaries and providers.

Businesses across financial services have been trying to get their heads around the FCA's new Consumer Duty regulations. From July 2023, firms will be required to ensure they deliver good outcomes for customers, with a clear focus on vulnerability, ongoing monitoring, and evidence. However, firms soon face the first deadline with implementation plans needing to be ready for FCA review by the end of October.  As the purpose of the protection industry is to reduce harm, it should be in a good position to meet the demands. While there are some challenges, this is a major opportunity for ...

To continue reading this article...

Join Cover

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

FCA: More than 10,000 'misleading' financial ads withdrawn in 2023

FCA: More than 10,000 'misleading' financial ads withdrawn in 2023

17% surge in interventions recorded to protect consumers

Sahar Nazir
clock 14 February 2024 • 1 min read
Investigation on Aviva takeover of AIG Life launched by CMA

Investigation on Aviva takeover of AIG Life launched by CMA

Concerns on substantial lessening of competition

Jaskeet Briah
clock 09 February 2024 • 1 min read
FCA calls on firms for feedback on how effective its regulation is

FCA calls on firms for feedback on how effective its regulation is

This year’s survey has been shortened for ease

Hope Coumbe
clock 05 February 2024 • 1 min read