WebAug 14, 2024 · The FCA has decided to align the scope of the Consumer Duty with the existing scope of its sectoral sourcebooks (e.g. COBS, ICOBS, BCOBS, MCOB, CONC etc.). However, it will not apply to activities where an exclusion exists, either in the FCA Handbook or in legislation. For example, the Duty will not apply to unregulated buy‑to‑let … WebAug 19, 2024 · It will then come fully into force on 31 July 2024 and will apply to all closed products and services. There is now a new Principle 12 which sets out that “ A firm must act to deliver good outcomes for retail customers .”. Where the new Principle 12 applies, Principles 6 and 7 do not apply. Principle 12 is considered to impose a higher and ...
Guide to the Consumer Duty - TLT LLP
WebSep 20, 2024 · September 20, 2024. 274 3. Martyn Hopper. fca consumer duty. financial services. financial regulation. consumers. Maybe a sign of middle age, or having worked on financial regulation for over a quarter of a century, but I have a strong sense of deja vu when it comes to the FCA's new Consumer Duty. Heralded by the FCA as a “major shift” in ... WebSep 1, 2024 · In 2024, the Financial Conduct Authority introduced its new Consumer Duty which they stated “will fundamentally improve how firms serve consumers” As we approach implementation, read our guide to find out what you need to do, what the details of the Consumer Duty are and what the consequences are for not complying. Background to … thick shrubs
FCA Consumer Duty - Back to the Future?, Martyn Hopper
WebOct 31, 2024 · The implementation timeline has been confirmed as: 31 October 2024 Boards (or equivalent management body) to have agreed implementation plans; evidence scrutiny, challenge and robustness. 30 … WebDec 7, 2024 · The duty will also help create an environment for healthy competition between firms, encouraging them to be innovative in developing products and services that meet consumer's needs.' Notes to Editors. CP21/36: A new Consumer Duty: Feedback to CP21/13 and further consultation (PDF) New Consumer Duty infographic WebAug 8, 2024 · The FCA has published its final rules and guidance introducing a new consumer duty. This heralds the largest shift in a decade in the FCA’s expectations … thick side bangs