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 ...

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