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ARTICLE · 08 AUGUST 2024

Consumer Duty: A New Deadline Is Looming…

Memery Crystal
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As of 31 July 2024, FCA-regulated firms must submit their first annual board report and apply Consumer Duty rules to closed products. Key requirements include ensuring fair value, updating customer data, addressing vulnerabilities, and demonstrating compliance with Consumer Duty obligations.

United KingdomFinance and Banking
Alexandra Heron
Alexandra Heron
Eva Wichtowski
Eva Wichtowski
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On 31 July 2023, the Consumer Duty came into force for retail financial services firms with the purpose of ensuring that FCA regulated firms act to deliver good outcomes for retail customers.

The Consumer Duty applied new rules in relation to all new and existing products and services offered which were open to sale or renewal.

Fast forward a year and 31 July 2024 is an important deadline for two reasons: (1) it is the first annual board report submission date; and (2) the Consumer Duty rules will now be implemented for financial services firms dealing with closed products and services.

What does this mean for you as an FCA regulated firm that is subject to these requirements?

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