Thistle Initiatives’ Post

We recently hosted a multi-sector Consumer Duty forum to review ongoing industry risks and challenges whilst providing the opportunity to benchmark progress against financial service peers. In this post-forum evaluation, we consider the five key themes from the day and examine them in greater detail. https://lnkd.in/dK7v-55T #consumerduty #compliance #FCA #financialservices #regulatoryexperts

FCA's Proactive Stance on Consumer Duty Compliance The FCA is ramping up its scrutiny of firms, even those with no prior direct contact with them apart from regulatory reporting. Recently, a firm received an unsolicited email from the regulator, requesting its annual Consumer Duty board report ahead of its due date. The FCA is clearly increasing its vigilance. The email stressed the need for firms to monitor and ensure good customer outcomes. Some firms are prepared, but many are not. Ignoring Consumer Duty is not an option. The FCA's proactive approach means failure to produce a coherent board report will attract scrutiny. Read Paul Jay's full blog here: https://hubs.la/Q02Jy-H_0 If you haven’t prepared your Consumer Duty Annual Board Report, act now. We offer a template to assist, but robust evidence and a well-documented plan are essential. Contact Paul Jay at paul.jay@thistleinitiatives.co.uk for support. #Compliance #ConsumerDuty #FCA #Regulation #FinancialServices #CustomerOutcomes #ProactiveCompliance

Consumer Duty Reminder - Did you know that firms still have until 31st July 2024 for the implementation of the Duty for closed products and services? This means that Firms should now have a detailed implementation framework to meet the FCA's higher standards for consumer protection. If you need help with understanding the requirements, our quick and easy training course is available here for immediate purchase: https://ow.ly/pOlF50Svgrf #consumerduty #fca #regulations #elearning #training #compliance

Consumer Duty Reminder - TODAY is the deadline to implement the Duty for closed products and services. This means that Firms should now have a detailed implementation framework to meet the FCA's higher standards for consumer protection. If you need help with understanding the requirements, our quick and easy training course is available here for immediate purchase: https://ow.ly/pOlF50Svgrf #consumerduty #fca #regulations #elearning #training #compliance

Are your financial products on track for the FCA's Consumer Duty? With the July 2024 deadline for closed products looming, it's vital to assess and ensure compliance. From addressing fair value challenges to prioritizing risk, the FCA's recent guidance underlines the importance of proactive measures. Don't miss key insights on navigating these regulations and delivering right outcomes for consumers. Read more here: https://bsalmon.us/4bNAGX9 #Finance #ConsumerDuty #Compliance #FinancialServicesRegulation #FCA

Navigating the Consumer Duty Maze: A Look Back and a Look Ahead The Financial Conduct Authority's (FCA's) recent multi-firm review served as a stark reminder to boards that the Consumer Duty should be paramount on their regulatory to-do list. The FCA emphasized that senior leadership and boards will be held accountable for ensuring customer-centric outcomes. As the July 31st, 2023 anniversary of the legislation's inception looms, boards must embark on preparations for their inaugural Consumer Duty annual assessment. They should also anticipate potential interim progress inquiries from the regulator. This document sheds light on the current landscape: "Unsurprisingly, the Consumer Duty has been the FCA's primary focus area this year. We've been steadfast in supporting businesses throughout their Consumer Duty journey. The principal areas firms are grappling with this year include transitioning from the implementation phase, meticulously managing their outcomes monitoring management information (MI), and meeting the upcoming July 31st deadline for the first annual board report." In the lead-up to July, we anticipate the FCA conducting a rigorous review of the caliber of firms' annual assessment preparations. The FCA is likely to request access to working papers, MI, and board reports. If firms fail to demonstrate a robust culture of self-evaluation aimed at achieving exceptional customer outcomes, regulatory intervention is a distinct possibility.  Get prepared NOW! https://lnkd.in/eX-KVBhZ #compliance management #complianceofficer #compliance

Staying up-to-date with industry changes is crucial for every compliance professional, especially in the ever-evolving landscape of regulations in the United Kingdom. Recently, there have been significant updates that everyone in the field should be aware of. **Update/Recent Regulation Change: The Financial Conduct Authority (FCA) Consumer Duty Initiative** The Financial Conduct Authority (FCA) has introduced a new Consumer Duty aimed at ensuring a higher standard of consumer protection in retail financial markets in the UK. This initiative is geared towards ensuring that firms act to deliver good outcomes for retail customers and make it easier for consumers to navigate the financial system. **Key Aspects of the FCA Consumer Duty Initiative:** 1. **Consumer Understanding:** Firms must provide customers with information they can understand to make informed decisions about financial products and services. 2. **Products and Services Design:** Firms must ensure that the products and services they design and sell meet the needs of their target market, providing fair value. 3. **Customer Support:** Firms must provide adequate support to customers to help them pursue their financial objectives. 4. **Price and Value:** Ensuring that the price of products and services represents fair value to customers. **Why This Matters:** - **Enhanced Consumer Protection:** This new duty emphasizes the responsibility of firms to proactively seek good consumer outcomes, reinforcing trust in the market. - **Regulatory Compliance:** Adherence to these new standards is essential for firms to stay compliant with FCA regulations and avoid potential penalties. - **Market Competitiveness:** By aligning with these new standards, firms can enhance their reputation and competitiveness in the market. **Action Steps for Compliance Professionals:** 1. Review and understand the detailed requirements of the new Consumer Duty. 2. Conduct a gap analysis to identify areas where your firm may need to improve to meet the new standards. 3. Implement changes in customer communication, product design, and customer support processes. 4. Set up continuous monitoring mechanisms to ensure ongoing compliance with the new regulations. Staying informed about such regulatory changes is essential for ensuring that your firm not only remains compliant but also gains a competitive edge by fostering consumer trust and satisfaction. #RegulatoryChanges #Compliance #FCA #ConsumerDuty #FinancialServices #UKRegulations

📢 WEBINAR: Consumer Duty – The Aftermath Since the introduction of the Consumer Duty regulations, businesses across financial services have had to reassess their practices to ensure they meet higher standards of customer protection and transparency. The new framework focuses on delivering fair value, supporting informed decision-making and improving outcomes for consumers. Organisations now face heightened scrutiny to ensure they are prioritising the needs of their clients, from product development to post-sale interactions. In the aftermath of these changes, firms have been adapting to not only meet the legal requirements but also to cultivate stronger relationships with consumers based on trust, fairness, and accountability. Now that the Consumer Duty regulations are in effect, it’s important to explore the practical impact on businesses, consumers, and the wider industry. In this session we will dive into the topic by: - Exploring Early Compliance Results and Industry Trends – How well have businesses adapted to the new requirements and what challenges are they facing? - Consumer Outcomes and Experience – What ongoing issues are firms encountering when delivering improved transparency and fit-for-purpose products? - Regulatory Feedback – What feedback have regulators provided so far and which areas still require significant improvement? - Future Regulatory Expectations – What will regulators focus on in the months and years ahead and how should businesses prepare? Register now 👉 https://lnkd.in/ewticqQq #ConsumerDuty #Compliance #FinancialServices #Regulations #FCA #Complyport #RegulatoryComlpiance #Consumer #Transparency #FairValue

PwC's 'At a glance' looks at the FCA's latest assessment of firms’ Consumer Duty implementation progress on 20 February 2024, outlining good and poor practice observed across sectors and reasserting areas of focus ahead of the July 2024 closed book deadline.The FCA plans to issue further communications targeted at closed book implementation ahead of the July 2024 deadline. It also plans to continue thematic and multi-firm work across issues and sectors where it identifies harms or common themes and risks. Read more about what does this means for firms in the link below.

The FCA's Consumer Duty regulations are coming into effect on 31 July 2024. Is your firm ready? Join us on 25 July at 2:00 PM BST for our webinar, "Consumer Duty Demystified: Insights & Strategies for Compliance”. Register now to secure your spot. https://ow.ly/rlCk30sF77L #FCA #ConsumerDuty #StarCompliance