The FCA has provided updated information on queries raised by firms on the implementation of the new Consumer Duty, set to come into force in July 2023 (for new and existing products or services open for sale or renewal) and July 2024 (for closed products or services). You can see the latest FCA information on this topic here, which is particularly timely as the end of this month marks the deadline set by the FCA for firms to agree their implementation plans (see Finalised Guidance 22/5).

By way of recap, in broad terms the new Consumer Duty is a collection of measures, rules and outcomes designed to implement a higher standard of care for the treatment of customers in retail financial markets. It is designed to give greater protection to consumers in an ever evolving marketplace, whilst also giving firms greater clarity over the FCA's expectations "to support innovation, competition and new ways of serving customers." (FG 22/5).

Please do feel free to get in touch if you would like to discuss the Consumer Duty and its implications, as well as how we can support from a legal and compliance perspective.