FCA publishes new webpage on the Consumer Duty

By Liam Edwards

The FCA has published a new webpage on the Consumer Duty (available here).

The page provides a high-level overview of the upcoming Consumer Duty as a new Consumer Principle requiring firms to deliver good outcomes for retail customers, and the following timeline of key milestones:

• 27 July 2022 – final rules and guidance published.
• 31 October 2022 – firms agree implementation plans.
• 30 April 2023 – manufacturers complete reviews to meet the outcome rules.
• 31 July 2023 – rules start for open products/services.
• 31 July 2024 – rules start for closed products/services.

The page links to key documents on the Consumer Duty, including the FCA’s final rules (PS22/9) and final guidance (FG22/5).

The FCA is also running a series of webinars on the Consumer Duty across October and November 2022 (sign-up available here).