Have you completed a Consumer Duty Readiness Assessment?

The Financial Conduct Authority (FCA) has published its policy statement on a new Consumer Duty, which will fundamentally improve how firms serve consumers. It will set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first.

The FCA is giving firms 12 months to implement the new rules for all new and existing products and services that are currently on sale. The rules will be extended to closed book products 12 months later, to give firms more time to bring these older products, that are no longer on sale, up to the new standards.

Background:

  • In July 2022, the FCA published its policy statement, PS22/9 – A new Consumer Duty, in which they introduced new rules to ensure financial services firms recognise the impact their services and products have on the consumer and provide a safeguard from exploitation.
  • PS22/9’s publication brought with it a number of key dates that firms need to be aware of. The first and foremost of these is the end of October 2022. It is by this date that firm’s boards should have agreed their consumer duty implementation, delivery and oversight plans.
  • Firms need to be aware that adequate and robust implementation requires a tailored approach, specific to the consumer needs of each firm. The needs of the consumer will be as unique as the firm itself, and the implementation plans need to reflect this. Alongside this, they also need to consider the impact on their own business and their interactions with other regulated and non-regulated third parties within their implementation and delivery plan.

How can ComplyPortal help?

ComplyPortal can help you via our Consumer Duty Readiness Assessment questionnaires available on our online platform. Our regulatory consultants have prepared questions and scoring to guide you through assessing your readiness. These will cover the following topics specific to Consumer Duty:

  1. Corporate Governance
  2. Customer Identification
  3. Existing Products and Services
  4. New Products and Services
  5. Price and Value
  6. Consumer Understanding and Support
  7. Staff Training

ComplyPortal can help with this assessment and so much more — book your free demo today by using this link: Book a Demo

“The FCA clearly has an expectation that firms will take a robust approach to ensuring they are meeting clients’ needs across the board. Our services will ensure firms are in a good position to document and track how you are meeting the new regulatory requirements.”

Luis Parra, Managing Director – ComplyPortal

Find out more about how the ComplyPortal platform can help firms adapt to new regulatory expectations at: https://complyportal.uk/modules

About ComplyPortal:

First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring.

ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others:

  • Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes.
  • Registers: lists controlled by the Compliance officer, but easy for staff to view.
  • Risk: map and control risk areas to effectively identify and manage risk for your firm.
  • eKYC solution: perform comprehensive searches, including client identity verification, document authenticity, and more for a comprehensive KYC and AML approach

CLICK HERE TO GET STARTED!