External Links:
Summary
The Ipsos | FCA Consumer Duty Wave 1 charts and questions PDF file provides insights on firms’ preparedness and support needs for the Consumer Duty implementation deadline. The research surveyed FCA-regulated firms to understand their views on the Consumer Duty, including their understanding of its elements, their expertise and resources to implement it, and their perception of its long-term benefits and short-term costs.
Find more at our training here
Key Points
- The research surveyed FCA-regulated firms to understand their views on the Consumer Duty.
- The survey asked firms about their understanding of the Consumer Duty’s elements, including cross-cutting rules, products and services outcome, price and fair value outcome, consumer understanding outcome, consumer support outcome, and outcomes monitoring.
- The survey also asked firms about their expertise and resources to implement the Consumer Duty by the deadline of 31 July 2023.
- The survey found that larger firms tend to have a more positive view of the Consumer Duty’s long-term benefits outweighing the short-term costs than smaller firms.
- The survey found that firms in the banking and insurance sectors tend to have a higher level of understanding of the Consumer Duty’s elements than firms in the investment management and retail sectors.
- The survey found that firms in the investment management sector tend to have a lower level of confidence in their expertise and resources to implement the Consumer Duty than firms in the banking and insurance sectors.
- The survey found that firms in the retail sector tend to have a lower level of understanding of the Consumer Duty’s elements than firms in the other sectors.
- The survey found that firms in the banking and insurance sectors tend to have a higher level of expertise and resources to implement the Consumer Duty than firms in the investment management and retail sectors.
- The survey found that firms in the banking and insurance sectors tend to have a higher level of support needs for the Consumer Duty than firms in the investment management and retail sectors.
- The survey found that firms in the investment management sector tend to have a higher level of concern about the impact of the Consumer Duty on their business model than firms in the other sectors.
- The survey found that firms in the retail sector tend to have a higher level of concern about the complexity of the Consumer Duty than firms in the other sectors.
- The survey found that firms in the banking and insurance sectors tend to have a higher level of concern about the data and metrics requirements of the Consumer Duty than firms in the investment management and retail sectors.
Key Statistics
- Base: All firms n=1,230, Small n=987, Medium n=186, Large n=57
- Fieldwork took place from 16 March to 9 May 2023.
- The survey covered 17 sub-sectors across 6 sectors.
Key Take Aways
- Larger firms tend to have a more positive view of the Consumer Duty’s long-term benefits outweighing the short-term costs than smaller firms.
- Firms in the banking and insurance sectors tend to have a higher level of understanding of the Consumer Duty’s elements than firms in the investment management and retail sectors.
- Firms in the investment management sector tend to have a lower level of confidence in their expertise and resources to implement the Consumer Duty than firms in the banking and insurance sectors.
- Firms in the retail sector tend to have a lower level of understanding of the Consumer Duty’s elements than firms in the other sectors.
- Firms in the banking and insurance sectors tend to have a higher level of expertise and resources to implement the Consumer Duty than firms in the investment management and retail sectors.
- Firms in the banking and insurance sectors tend to have a higher level of support needs for the Consumer Duty than firms in the investment management and retail sectors.
- Firms in the investment management sector tend to have a higher level of concern about the impact of the Consumer Duty on their business model than firms in the other sectors.
- Firms in the retail sector tend to have a higher level of concern about the complexity of the Consumer Duty than firms in the other sectors.
- Firms in the banking and insurance sectors tend to have a higher level of concern about the data and metrics requirements of the Consumer Duty than firms in the investment management and retail sectors.
- The Consumer Duty implementation deadline of 31 July 2023 is approaching, and firms need to ensure they are prepared to meet the requirements.
- Firms need to understand the Consumer Duty’s elements and their implications for their business model and customer interactions.
- Firms need to assess their expertise and resources to implement the Consumer Duty and identify any gaps or areas for improvement.
- Firms need to communicate effectively with their customers about the Consumer Duty and its impact on their products and services.
RO-AR insider newsletter
Receive notifications of new RO-AR content notifications: Also subscribe here - unsubscribe anytime
