FCA warns on approaching Consumer Duty

Sheldon Mills has reminded firms there are fewer than 90 days before the start of the Consumer Duty. He said firms that don’t meet the Duty’s requirements and who most put consumers at risk can expect swift FCA action.

FCA has also shared its findings from its review of firms’ fair value assessment frameworks. Generally, it found firms have carefully considered the price and value requirements, but sees areas firms still need to focus on, including collecting evidence that shows that products represent fair value, and having clear oversight of actions to take where products do not represent fair value. It also thought firms could improve on how they summarise and present assessments to the relevant decision makers.  FCA’s review involved 14 firms – mainly large firms.

Emma Radmore