In May 2021, the FCA announced plans for a new Consumer Duty to raise the bar for consumer protection in UK retail financial services markets. The aim is to ensure that consumers should receive: products and services that meet their needs and offer fair value; communications they can understand; and the customer support they need, when they need it. The proposals quickly became a headline topic for the financial services sector, generating significant, and sometimes controversial, coverage and discussion.

The final rules on the new Duty were published at the end of July 2022, heralding a major shift in the delivery of UK financial services. The implementation deadline has been extended by three months from the initial proposals, but still firms must comply with the new Duty in relation to new and open products and services by 31 July 2023. So firms now have less than a year before they need to comply with the requirements, some of which have changed from the draft rules consulted on.

This Consumer Duty webinar in association with Lexology will provide a reminder of the new requirements and will explore how firms and individuals can prepare for implementation.

In particular, we will focus on the following topics:

  • Overview of the new regime, scope and application
  • Implementation: what do firms need to consider and focus on? What should implementation plans look like?
  • What the Consumer Duty means for individuals: governance and SMCR.
: Free


Consumer Duty factsheet cover