FCA sets the alarm for Consumer Duty…are you ready?

Upcoming regulation

clock • 5 min read
Mary Wong, partner at The PEN Partnership
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Mary Wong, partner at The PEN Partnership

Last September, I raised the issue of the Consumer Duty regulation and the need for asset manager CEOs to play an active role in preparing their organisations for its introduction.

We are now about to find out what the new regulation will actually mean, with the FCA expected to publish the details imminently. Here is a quick recap of some aspects it will introduce: The consumer principle: "A firm must act to deliver good outcomes for retail customers" Cross-cutting rules, designed to ensure firms: Act in good faith towards retail customers Avoid foreseeable harm to retail customers Enable and support retail customers to pursue their financial objectives A particular interest in four elements of the relationship with consumers: Price and value...

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