The Consumer Duty – Are you achieving the implementation milestones?
Wednesday 22nd March 2023
Parkwell Offices, 8 Laurence Pountney Hill, London EC4R 0BE
The Consumer Duty sets out higher and clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first. The FCA consider it a step change for financial services since firms will be required to make lasting changes to culture and behaviour, to consistently deliver good outcomes. It is likely to be one of the most significant regulatory initiatives in recent years.
The new rules start on 31st July 2023 and there are five milestones to get there, with the first two milestones having already passed. To implement the new rules, firms need to review their products, communications and end-to-end customer journeys, in order to consider changes required in governance, management information, reporting, product design, pricing, servicing and staff training – all within the challenging implementation timeline.
At our upcoming invitation-only seminar on Wednesday 22nd March 2023, we will explore what wealth management firms and their clients can expect from The Consumer Duty regulations and what they need to do. We will also facilitate a panel discussion with industry experts who will share their knowledge and own approaches for addressing these reforms.