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ARTICLE · 12 JULY 2024

The FCA's Updates On Consumer Duty Implementation

Herrington Carmichael LLP
Herrington Carmichael LLP
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Herrington Carmichael LLP

Herrington Carmichael LLP

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The Consumer Duty, in effect since 31 July 2023, will extend to closed products on 31 July 2024. Firms must ensure compliance and prepare for the first annual board reports, reflecting the FCA's focus on fair value and vulnerable consumers.

United KingdomConsumer Protection
Mark Chapman
Mark Chapman
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The Consumer Duty came into force for open products and services on 31 July 2023. For a summary of the Consumer Duty, please see our previous article.

In less than one month, the Consumer Duty will also apply to closed products and services, which were sold before 31 July 2023 but have not been marketed or sold to new customers since. The deadline for firms' first annual board reports assessing compliance with the Duty is 31 July 2024.

The FCA has released various publications recently in relation to the upcoming 31 July 2024 deadline in the spirit of preparing firms to be in the position to successfully deliver higher and clearer standards of consumer protection. Firms should give adequate consideration to these updates to ensure their annual board report complies with the Duty.

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