Since 31 July 2023, Consumer Duty has been effective for open products and services. The FCA granted an additional year for the application of the Duty to closed products and services, culminating on 31 July 2024.<\/span><\/p>\n Firms across the industry have diligently reviewed their closed products, committing to ongoing evaluations. By the recent 31<\/span>st<\/span> July deadline, firms were also required to evaluate and report their Duty implementation and outcomes to their boards. Future reporting, expected at least annually, may align with other reporting cycles.<\/span><\/p>\n The FCA underscores that implementing Consumer Duty is not a one-time task. Firms must integrate changes to ensure ongoing delivery of required customer outcomes. As firms shift to treating Consumer Duty as standard practice, they should reflect on their experiences and utilize metrics to assess their progress and identify further improvements.<\/span><\/p>\n In the forthcoming months, the FCA will conduct thematic reviews and in-depth analyses to identify both successful areas and those needing improvement. The regulator will also ensure boards have the appropriate data and management information (MI), reviewing board report samples and sharing insights to encourage best practices.<\/span><\/p>\n Firms must adopt emerging best practices for Duty implementation and intensify efforts to assist vulnerable customers. This includes addressing the regulator’s “tell us once” initiative, which aims for customers to disclose their vulnerability needs only once during their interactions with firms.<\/span><\/p>\n The industry has made commendable strides in implementing Consumer Duty, reflecting a significant commitment to enhancing consumer protection. However, the journey is far from over. Firms must continue to innovate and improve their practices, ensuring they meet evolving regulatory expectations and consumer needs. By embracing best practices and focusing on the most vulnerable customers, the industry can ensure that Consumer Duty remains a driving force for positive change. The ongoing efforts and collaborations will be crucial in maintaining momentum and achieving the desired outcomes for all consumers.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Overview Since 31 July 2023, Consumer Duty has been effective for open products and services. The FCA granted an additional year for the application of the Duty to closed products and services, culminating on 31 July 2024. Industry Progress Firms across the industry have diligently reviewed their closed products, committing to ongoing evaluations. By the recent 31st July deadline, firms […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[142],"tags":[],"class_list":["post-1931","post","type-post","status-publish","format-standard","hentry","category-united-kingdom"],"yoast_head":"\nIndustry Progress<\/h2>\n
Continued Implementation<\/h2>\n
Regulatory Review<\/h2>\n
Best Practices and Support for Vulnerable Customers<\/h2>\n
Conclusion<\/h2>\n