James Yates’ Post

Review of FCA Requirements Following the Introduction of the Consumer Duty The Financial Conduct Authority (FCA) is seeking input on refining the Consumer Dity - a set of retail conduct rules to better support and protect consumers. The focus is on simplifying areas of complexity, duplication, and over-prescription, ensuring regulations remain flexible for future changes and innovations. 🔶Key Areas of Focus: 🔹Simplifying detailed rules or guidance. 🔹Clarifying interactions between different rules. 🔹Balancing high-level and detailed rules. 🔹Assessing the benefits and costs of simplification. 🔶Views on the impact on various firms are welcome. Feedback on broader regulations is also invited. 🗓️ Deadline for Comments: 31 October 2024 https://lnkd.in/eNadJypT #FCA #ConsumerDuty #RegulatoryReview #ConsumerProtection #FinancialRegulation #Innovation

Last week the Financial Conduct Authority published the first Consumer Duty Board Report: Good practice and areas for improvement. The Consumer Duty sets high and clear standards of protection for retail customers across financial services. This report sets out the results of a targeted and thematic review that the Financial Conduct Authority carried out on the first annual Consumer Duty board reports from 180 firms. Under the Duty, a firm must prepare a report for its governing body setting out the results of its monitoring of consumer outcomes and any actions required as a result of the monitoring. Overall Findings The best reports were structured in a way that made them easy for their boards to scrutinise the key elements that the rules and guidance suggest they should cover. ✅ Five key aspects of good reports Clear outcomes focus Good quality data Analysis of different customer types Clear processes for production of the report A focus on culture throughout the firm ❌ Five Areas for Improvement Better data quality Comprehensive view across distribution chains Analysis of different customer types Challenge from the board Taking effective action You can read more about best practice on consumer duty here: https://lnkd.in/eHMFchMx #CDFIs #ResponsibleFinance #PersonalLending

The FCA published details of recent good practice in Consumer Duty implementation and highlighted areas for improvement, as well as published the results of a second survey of firms on Consumer Duty implementation and a related speech by Sheldon Mills, FCA Executive Director, Consumers and Competition, looking at some of the main challenges that firms have identified around the Duty. #FCA #Consumerduty

The FCA published details of recent good practice in Consumer Duty implementation and highlighted areas for improvement, as well as published the results of a second survey of firms on Consumer Duty implementation and a related speech by Sheldon Mills, FCA Executive Director, Consumers and Competition, looking at some of the main challenges that firms have identified around the Duty. #FCA #Consumerduty

The FCA published details of recent good practice in Consumer Duty implementation and highlighted areas for improvement, as well as published the results of a second survey of firms on Consumer Duty implementation and a related speech by Sheldon Mills, FCA Executive Director, Consumers and Competition, looking at some of the main challenges that firms have identified around the Duty. #FCA #Consumerduty

The FCA published details of recent good practice in Consumer Duty implementation and highlighted areas for improvement, as well as published the results of a second survey of firms on Consumer Duty implementation and a related speech by Sheldon Mills, FCA Executive Director, Consumers and Competition, looking at some of the main challenges that firms have identified around the Duty. #FCA #Consumerduty

The FCA published details of recent good practice in Consumer Duty implementation and highlighted areas for improvement, as well as published the results of a second survey of firms on Consumer Duty implementation and a related speech by Sheldon Mills, FCA Executive Director, Consumers and Competition, looking at some of the main challenges that firms have identified around the Duty. #FCA #Consumerduty

🗣 We’re inviting brokers and lenders to have their say on two FCA consulations that could have an impact on the intermediary market: 🔶 Retail conduct rules post-Consumer Duty 🔸 Here, the FCA is asking for input on simplifying regulations to foster innovation whilst maintaining flexibility 🔷 A new ‘branched logic’ reporting model 🔹 This impacts all authorised consumer credit firms, and sees the FCA propose a new dynamic reporting model that tailors regulatory returns to firm-specific business models 📧 The #NACFB will be approaching firms on both of these matters, but Members and Patrons can share their thoughts or book a meeting by contacting our compliance team 👉 [email protected] #FCA #ConsumerDuty #Intermediary

FCA Executive, Sheldon Mills issues new warning on Consumer Duty Readiness in new speech. Sheldon Mills, Executive Director of Consumers and Competition, highlighted the progress firms have made in meeting the Consumer Duty requirements for open products but also warned that there's a lot for firms to get right. Read a summary of his full speech in our latest blog. #ConsumerDuty #FCA #FinancialServices

The FCA released its assessment of Consumer Duty Practice, post implementation in July 2023. Talk to Investment Solutions Consultants (ISC) Ltd on how they can help you meet your regulatory obligations around Consumer Duty