ABOUT: An in-depth analysis of the initial three-month implementation of the FCA's Consumer Duty rules, highlighting challenges and areas for improvement.
LINK: https://www.linkedin.com/pulse/consumer-duty-3-months-frank-brown-ke54e/
Summary This article delves into the first three months following the enactment of the Financial Conduct Authority's (FCA) Consumer Duty rules in July 2023. It discusses the immediate use of new powers by the FCA, including mandates for banks to pass on interest rates to savers. The article highlights the slow adoption of these rules by firms across various sectors and identifies consistent areas of struggle, such as governance, monitoring, and oversight. Furthermore, it touches on the challenges in implementing cross-cutting rules, a key focus of the FCA.
Key Points and Ideas
The FCA implemented Consumer Duty rules three months ago, swiftly exercising new powers.
Banks and building societies were required to pass on interest rates to savers.
Many firms a...
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