Achieving Consumer Duty compliance

https://www.youtube.com/watch?v=eitk7gKSg8Y&ab_channel=KoreLabs

Kore’s Managing Director, Josh Blundell and Strategic Adviser, John Liver discuss the roadmap for the next 3 months.

We are now in the run up to the main rules which come into force on 31 July 2023 for existing products and services, meaning those available for sale to new customers, or available for renewal by existing customers.

The immediate deadline firms must consider is 30 April 2023, when they must have finished their review of existing open products.

Consumer Duty success is firmly anchored in data-backed evidence. Firms must be in a position to evidence their actions – and to prove that these are making a positive impact for Customers, with due regard to Vulnerable Customers and Training and appropriate Communications.

John and Josh discuss here what Boards and those in positions of Supervision must be considering and the actions that the firms need to be delivering on to evidence their engagement with the requirements of the Consumer Duty Regulations.

Download our FCA Consumer Duty White Paper here.