The FCA introduce new Consumer Duty regulations, giving 12 months to adapt
August 3, 2022
The Financial Conduct Authority (FCA) has announced that it intends to implement new Consumer Duty guidelines that would significantly enhance how businesses interact with customers. It will establish stricter guidelines for consumer protection across all financial services and ensure that firms put the needs of their clients first.
It should become easier for businesses to compete and innovate in the best interests of consumers if the FCA is clear about its expectations and businesses concentrate on what their customers need.
Giving 12 months to adapt to the new regulation, "The Consumer Duty" will bring about a significant change in the financial services industry and encourage competition and growth based on high standards. The Duty will make it easier for the FCA to respond swiftly and adamantly if new issues are discovered since it increases the bar for the businesses that they supervise.
The new changes to be introduced are available here.
How ViClarity can help firms adapt quickly to new regulations
ViClarity has a suite of GRC compliance and audit software solutions designed to mitigate potential regulatory pitfalls and simplify the reporting process. By removing the manual nature of collecting, collating and reporting on the information required for the FCA, firms benefit from having more time to analyse and action shortfalls and track their progress on real-time grid views and reports on the ViClarity platform.