The Financial Conduct Authority (FCA) webinar, delved into the implementation and next steps for the Consumer Duty. The session brought together industry experts to discuss the embedding of the duty in organizations, with a focus on expectations, sector-specific insights, and practical guidance for compliance. The panel highlighted the ongoing nature of the duty, emphasizing continuous improvement in consumer outcomes and firm practices.
Key Points
The Consumer Duty is an ongoing commitment requiring firms to consistently prioritize consumer needs and outcomes.
The implementation involves not just a one-time exercise but a continual review and improvement process.
Nisha Aurora, Director of Cross-Cutting Policy and Strategy, emphasized the importance of focusing on consumer outcomes and using data for evidence-based assurances.
The session underscored the significance of reviewing closed products against the highest standards of the duty.
Annual Board Reports are a critical internal go...
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