With more financial decisions now in consumers’ hands, the changing digital landscape and the global economic crisis we are facing it is the time for us to set a higher standard of consumer protection.
With the anticipated confirmation of the new rules in July 2022 and implementation by April 2023, we have reached the halfway stage of the journey towards Consumer Duty implementation with the aim of raising the standard of care that firms provide to consumers.
While most payments firms will be certain they do put consumers at the heart of their business, it’s time to consider how this can be evidenced if the FCA asked. If firms act now, they can capture the evidence that they have embedded the customer centric mindset and approach as expected by the new principle into their current and future change programmes. What should be considered?
- What is the new Consumer Duty, what will you have to do and how?
- What ‘good outcomes’ look like and the meaning behind the principle?
- How are firms expected to measure success
- What evidence does the FCA expect from firms to show that they are making progress with the duty
- What Consumer Duty brings as challenges and concerns, implementation requirements, and where are the opportunities.