The Financial Conduct Authority FCA held an event on 31 July 2024 to look at the Consumer Duty one year on.
The event was live streamed online and attended by the BVRLA Compliance Team, while Legal and Membership Director, Shashi Maharaj joined the FCA in person at its offices. FCA Executive Director, Consumers and Competition Sheldon Mills gave a speech which included welcoming the improvements firms have made to deliver better consumer outcomes in the first year of the Duty.
The outcomes-based nature of the Duty will allow the FCA to streamline its rulebook to support competitiveness and growth, while ensuring good consumer outcomes. Following the 31 July milestone, the FCA will continue to focus on how firms are embedding the Duty, acting to address harm.
The FCA also advised that a forward-planning tool will be published on the FCA Consumer Duty webpage with its plan of Consumer Duty events moving forward.
Members are advised to read Mr Mills’ speech, review detail, and look out for the FCA's tool which will advise of next steps. This could include requesting further information from firms.
See the BVRLA’s Consumer Duty guidance page and training programme Consumer Duty Training Programme
