INSIGHTS ¦ FCA Consumer Duty: the art of the possible in a year

Summary of the speech by Sheldon Mills, Executive Director, Consumers and Competition, delivered at KPMG.
Summary
The Financial Conduct Authority (FCA) has made significant strides in implementing the Consumer Duty for open products, with a looming deadline for closed products compliance. Key initiatives include publishing a small firms survey and a good and bad practice guide, aiming to foster an environment conducive to healthy competition and innovation within the financial services sector. The FCA emphasizes the importance of prioritizing areas with the greatest risk of consumer harm and encourages firms to adopt a data-driven approach to demonstrate compliance and deliver value to consumers.
Key Points

Consumer Duty came into force for open products, with closed products compliance deadline approaching.
The Duty aims to create a competitive and innovative financial services environment.
Firms are encouraged to prioritize areas with significant consumer harm risk.
A small firms su...