Prudential: Consumer Duty - SupportThe Financial Conduct Authority (FCA) have now published the final rules for Consumer Duty - PS22/9: A new Consumer Duty, alongside finalised guidance FG22/5.
Firms have until 31 July 2023 (originally expected 30 April 2023) to fully implement the Consumer Duty requirements for new and existing products and services, and until 31 July 2024 for closed products and services.
The FCA have stated that by the end of October 2022, firms' boards (or equivalent management body) should have agreed their implementation plans and be able to evidence they ahve given this appropriate consideration.
Therefore, despite the delayed implementation date there is still a lot to prepare for in a short space of time.
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On our Consumer Duty support page you'll find articles, links to supporting client facing material and much more.
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We'll continue to add to this page and let you know when more becomes available.