This week the Financial Conduct Authority released its final rules and guidelines for Consumer Duty, with mortgage brokers and lenders given 12 months to meet new requirements.
The guidelines aim to “set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first”.
It covers the gamut of product design, distribution, service and communication, reporting, data collection and much more.
The collective papers, which comes to just under 300 pages, has a lot to digest, so we have put all our Consumer Duty coverage in one place for your ease.
FCA Consumer Duty final rules and guidance
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Consumer Duty: Rules set standard for identifying target markets, distribution and info sharing
Consumer Duty: Test communications, tailor contact and report non-compliant firms
Consumer Duty: FCA warns over second charge ‘token’ repayments
Consumer duty: Lenders must flag service delays creating poor outcomes or extra cost
Consumer Duty: Respondents concerned by unintended monetary consequences
Consumer Duty: Compliant industry data collection will need to be exhaustive