Consumer Duty – What brokers need to consider to successfully deliver implementation

Authored by Aviva

In their review of Consumer Duty implementation plans, the FCA highlighted that many firms had embraced the new regulation and were making good progress in delivering their plans.  However, some firms’ initial efforts appeared superficial or non-existent, and others seemed overly confident that their existing systems or processes would be sufficient to comply with the Duty.

FCA Executive Director, Consumers and Competition, Sheldon Mills said in a speech on 22 February, “You still have time to deliver. But you must act now. The deadline of 31 July will not be moved.”

We want to offer practical support for our brokers with this important Duty. Following our previous article, one of our compliance proposition partners, RWA (part of the UKGI Group), has provided this handy document with an overview about what firms need to be considering in order to successfully deliver the implementation of the Duty, and provided examples of the MI that can help demonstrate each outcome.

Look out for details of our Consumer Duty webinar in the next few weeks. And if you need expert help in the meantime, you can contact the UKGI Group directly. Email: info@ukgigroup.com