Consumer Duty Implementation Plan

Do you need assistance in preparing your Implementation Plan by 31st October 2022?

Consumer Duty Countdown

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The final rules and guidance were confirmed by the FCA on 27 July 2022, and firms will need to be fully compliant with the changes by July 2023. There are many steps that a firm can get started on to prepare for the changes, including that firms must have a robust implementation plan in place by 31 October 2022. The FCA have stated:

“By the end of October 2022, firm’s board’s (or equivalent management body) should agree their implementation plans and be able to evidence they have scrutinised and challenged the plans to ensure they are deliverable and robust to meet the new standards.”

Policy Statement PS 22/9

Paradigm’s team of experts can support firms with these changes and we would be more than happy to discuss this with you in more detail. We will look to understand your specific requirements and outline the ways in which we can assist.

We have devised a template Implementation Plan that you will need to complete by 31st October, together with a guide to completion and expert assistance from our Consultant team. We can help your firm meet the first deadline as outlined below.

Revised Timeline

As a reminder, below is the revised timeline for the implementation of the Consumer Duty following the publication of Policy Statement PS 22/9 and Finalised Guidance FG 22/5.

Timeline

We strongly recommend that you start to work immediately on your implementation plan so that it is in place and ready to be questioned and scrutinised by the FCA after the 31st October deadline.

WE’RE HERE TO HELP YOU PREPARE

Contact our team of experts today

We understand that preparing for and meeting the FCA’s expectations under the new Consumer Duty rules will not be a ‘one size fits all approach’, as such we’d be happy to discuss how we may be able to support your firm and the specific requirements you might have in order to prepare for these changes.

Paradigm

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Office address: Paradigm Partners Ltd, Paradigm House, Brooke Court, Wilmslow, Cheshire, SK9 3ND
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Paradigm Mortgage Services LLP
Office address: 1310 Solihull Parkway, Birmingham Business Park, Birmingham B37 7YB
Registered in England and Wales. Company No: OC323403. Registered Office: Paradigm House, Brooke Court, Lower Meadow Road, Wilmslow, SK9 3ND
Paradigm Mortgage Services LLP is a Limited Liability Partnership.

Paradigm Protect is a trading name of Paradigm Mortgage Services LLP
Office address: 1310 Solihull Parkway, Birmingham Business Park, Birmingham B37 7YB
Paradigm Mortgage Services LLP is registered in England and Wales. Company No: OC323403. Registered Office: Paradigm House, Brooke Court, Lower Meadow Road, Wilmslow, SK9 3ND
Paradigm Mortgage Services LLP is a Limited Liability Partnership.