Kevin Still discusses the significant developments in the implementation of consumer duty regulations by the Financial Conduct Authority (FCA) around expectations, progress since the regulations were put into effect in July 2023, and the increased focus on areas like clarity of communication, vulnerability management, and training.
Key Points
Implementation of Consumer Duty: The FCA has been active in implementing consumer duty regulations since July 2023.
Focus on Vulnerability Management: Special emphasis is placed on managing consumer vulnerability and improving communication quality.
FCA Webinar Highlights: An FCA webinar on December 6th provided critical updates on consumer duty implementation.
Ongoing and Upcoming FCA Work: Discussions included the post-implementation review of vulnerability guidance and debt advice rules.
Clarity and Intelligibility in Communication: The need for clear and understandable financial documenta...
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