Consumer Duty Portal – Resources

[INSIGHTS]: CP21/30 Proposals for new rules

External Links: Summary This PDF file provides information on the feedback and final rules regarding debt packagers. The document includes feedback from CP23/5 and the FCA’s response, a list of non-confidential respondents, and abbreviations used in the paper. The document also includes the FCA’s made rules and information on how to sign up for news and publication alerts. Find more at our training here Consumer Duty – UK Management Training Key Points The document provides feedback and final rules… Read more

[INSIGHTS]: ISO 22458 BSI Comparative Standard

External Links: Summary A PDF file comparing British Standard (BS) 18477:2010 to International Organisation for Standardisation (ISO) 22458, highlighting the importance of identifying and meeting the needs of vulnerable customers. It provides steps that organisations can follow to ensure inclusivity and accessibility at every stage of design and delivery. [Resource BSI standard shown above] Find more at our training here Consumer Duty – UK Management Training Key Points The resource clause in ISO 22458 takes the previous clauses and… Read more

[INSIGHTS]: BSI Kitemark for inclusive services

External Links: Summary The BSI Kitemark for inclusive service is a mark of trust that showcases a business’s adherence to the requirements of BS ISO 22458 and additional standards. This Kitemark is designed to ensure that services are fair, flexible, and inclusive for all, especially for those who may find themselves in vulnerable situations due to various life circumstances. BSI has formulated this Kitemark scheme by incorporating best practices from BS ISO 22458 and the requirements of some of… Read more

[INSIGHTS]: PS23/5: Debt Packager Rules & CP23/5 and final rules

Link to FCA documentation: PS23/5: Debt Packagers: Feedback to CP23/5 and final rules The Financial Conduct Authority (FCA) has implemented new rules to prohibit debt packagers from receiving commission or fees from debt solution providers. The amendments to the Consumer Credit sourcebook (CONC) and the Perimeter Guidance manual (PERG) aim to address the conflict of interest inherent in the current remuneration model and enhance consumer protection. The ban applies to firms providing debt counseling services but not offering debt solutions… Read more

[INSIGHTS]: Chancellor agrees new support measures for mortgage holders

Government announcement here Summary In the face of new mortgage support measures introduced by the UK government and the Financial Conduct Authority (FCA), numerous challenges and potential implications have emerged for both banks and customers. The measures include an extension on repossession from seven months to 12 months after the first missed payment, and the option for customers to switch to an interest-only mortgage for six months. The practical application of these changes, however, has raised a host of complex… Read more

[INSIGHTS]: CP23/13: Borrowers in financial difficulty: Consumer credit and mortgages

FCA Link: CP23/13 Summary The Financial Conduct Authority (FCA) has released new regulations and guidelines in relation to arrears, payment difficulties, and repossessions for regulated mortgage contracts and home purchase plans. The document provides comprehensive guidance for firms on fair treatment and appropriate support for customers facing payment shortfalls or arrears. It outlines obligations for firms to communicate timely and clear information to customers, offer access to free debt advice and money guidance, consider alternative payment arrangements, and explore forbearance… Read more