FCA fires starting gun on consumer duty implementation

The FCA confirmed final rules introducing a new consumer duty that will set higher standards for the level of care firms give retail customers, in a policy statement and finalised guidance on 27 July 2022.

It is taking forward the vast majority of rules and guidance as consulted on last year, but is giving firms additional time to comply - until July 2023 for open products and services, and until July 2024 for closed books (with interim milestones that firms are required to meet in the run up to these final deadlines).

The FCA is introducing further clarity on its expectations, and strengthening its proposals in certain areas, such as governance and accountability.

Download this At a glance to see a detailed analysis of the final rules, and what firms need to do to prepare.