By David Berman, Nicola Higgs, Rob Moulton, and Beck Critchley
With the Consumer Duty application date of 31 July 2023 fast approaching, this briefing reviews the ongoing obligations that apply to the boards of FCA-regulated firms under the Consumer Duty, including (1) embedding good customer outcomes, (2) ongoing monitoring, and (3) the annual assessment.
Authored by our Financial Regulatory specialists, the briefing also discusses the key roles of the Consumer Duty Champion and board members individually, and provides an annex of FCA example questions for the Chair and the Consumer Duty Champion to use in order to guide discussions on Consumer Duty compliance by the firm’s board.
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