WebApr 12, 2024 · What is the Consumer Duty? It's a new set of rules developed by the FCA designed to set a higher standard of care for consumers. Essentially, it's an outcomes-based approach that will help us prove to you – the client – that what we are doing is working. Tighter rules and regulations can often be a source of annoyance and create additional ... WebMar 30, 2024 · Regulation in the insurance industry is as certain as death and taxes but The Financial Conduct Authority's (FCA) new Consumer Duty is a profound shift in the approach to regulation, prompting fervent discussion since consultation initiated in 2024. Due to be implemented at the end of July, it applies a new Consumer Principle which …
FCA proposes stronger protection for consumers in financial markets
WebAug 10, 2024 · On 27 July 2024, the FCA set out its final rules and guidance for a new Consumer Duty to be introduced into the FCA’s principles for businesses. This Consumer Duty aims to increase the current level of consumer protection in the retail financial services market by setting clearer and higher standards for the culture of firms and the conduct … WebAug 14, 2024 · The Financial Conduct Authority (FCA) has now published its final rules and guidance on its new Consumer Duty (PS22/9 and FG22/5). The Consumer Duty is designed to fundamentally shift the mindset of firms in how they deliver for consumers. The implementation of the Consumer Duty is a flagship initiative for the FCA, setting out its … how many business days until april 13
New FCA Consumer Duty rules - Converge
WebJan 12, 2024 · The FCA itself acknowledges that the potential implementation costs are likely to range between £688.6m and £2.4bn; plus ongoing direct costs of £74m to £176.2m per year across the body of ... WebNov 4, 2024 · The new Consumer Duty is a direct result of the FCA’s review of its regulatory framework and how it applies its Principles. The FCA acknowledges that it sees ‘many good practices’ exhibited by firms in retail sectors leading to … WebAug 9, 2024 · A new Consumer Principle that requires firms to act to deliver good outcomes for retail customers. Cross‑cutting rules providing greater clarity on the FCA’s expectations under the new Principle and helping firms interpret the four outcomes. The cross‑cutting rules require firms to: act in good faith. avoid causing foreseeable harm. how many business days till may 25