In this episode, Lindsey Rogerson, senior editor and Mike Cowan senior regulatory intelligence expert discuss the UK Finance Conduct Authority’s actions in the first year of its flagship Consumer Duty initiative.

The FCA has hit the ground running with the Consumer Duty since its launch on July 31, 2023. No sector has been left untouched as the regulator has run its rule over how firms are delivering the Duty’s requirement for firms to evidence and deliver fair outcomes
to their customers.

The conversation is split into two parts, a review of the first 11 months of the duty applying to open book products followed by a discussion as to how firms should be preparing for the arrival of the duty to closed product books from July 31.

Links:

FCA research into trading apps: https://www.fca.org.uk/publication/research-notes/research-note-digital-engagement-practices-trading-apps-experiment.pdf

Consumer Duty: spotting and handling financial abuse of vulnerable customers: http://go-ri.tr.com/zv2gGf

Customer vulnerability: an extra layer to the UK FCA Customer Duty: http://go-ri.tr.com/zAurSH

UK FCA’s motor finance complaints pause hands: http://go-ri.tr.com/WlImYg

ANALYSIS: Motor finance: UK firms face months of uncertainty, say experts: http://go-ri.tr.com/wLpB5I

INSIGHT: FCA finds deficiencies in insurance claims handling when valuing written-off or stolen vehicles: http://go-ri.tr.com/RHfs7h

OPINION: FCA fines HSBC £6.2 million for arrears handling failures: http://go-ri.tr.com/2WEPxu

OPINION: 10 things UK compliance officers must consider when dealing with customer's deposit accounts: http://go-ri.tr.com/9Bf43I

OPINION: FCA to review firms' approach to dealing with vulnerable customers in 2024: http://go-ri.tr.com/1aAjZQ

UK FCA allows four firms to resume selling GAP insurance: http://go-ri.tr.com/ZYv1yL


For more information about Regulatory Intelligence please search for Thomson Reuters Regulatory Intelligence or check the show notes for a link
https://legal.thomsonreuters.com/en/products/regulatory-intelligence


Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.