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ARTICLE · 13 SEPTEMBER 2022

New FCA Consumer Duty Rules

MJ Hudson
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The FCA has released its Policy Statement on the Consumer Duty, which it hopes that this will lead to a cultural shift in how firms' approach the development and sale of products and services to customers.

United KingdomConsumer Protection
Vasco Vicini
Vasco Vicini
Mike Booth
Mike Booth
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The FCA has released its Policy Statement on the Consumer Duty, which it hopes that this will lead to a cultural shift in how firms' approach the development and sale of products and services to customers. The Customer Duty introduces a new Principle, Principle 12, within the FCA's Principles for Businesses which reads "a firm must act to deliver good outcomes for retail customers".

The rules are extensive and the time to plan is now. These are the key dates:

  • 31 October 2022: Implementation plan should be approved by the board / executive committee of the firm
  • 30 April 2023: Manufacturers review existing products and share information with Distributors
  • 31 July 2023: Consumer Duty live for existing and open products and services

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