Jurisdiction(s):
United Kingdom

UK FCA Consumer Duty at One: 31 July 2024 board reports and closed products compliance, evidence-led oversight and proportionate yet intensifying enforcement

Published on: 20 June 2024

Published by an LexisNexis Financial Services expert

Legal News

Article summary

As the regulator stresses the duty is not a 'once and done exercise', businesses have little cause for celebration. And 31 July 2024 is more than a mere anniversary. It marks two major milestones and represents two key junctures:

the date from which corporate boards should have finalised their assessments of how the duty has been embedded;
the deadline for the duty to apply to 'closed products'.

The duty, in force since 31 July 2023 for new or open products and services, requires firms to act to deliver good outcomes in relation to products and services, price and value, consumer understanding and customer support.

Just before the duty came into force, Financial Conduct Authority (FCA) chair Ashley Alder said it would make 'a very, very significant difference to consumers'. Now the regulator is quietly optimistic. 'Many firms have already made great progress on the duty', Sheldon Mills, an FCA executive director, said last month. They are offering the right products and services to the right customers; eradicating jargon and moving clients to less bespoke and cheaper options where that is a better fit, he said. However, 'there are areas where firms could do better'...

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