On 3 February 2023, the FCA announced a programme of engagement to help support firms though the transition to implementing the Consumer Duty. The programme includes setting out in letters the expectations of the Duty and arranging a series of regional in-person events for specific groups of small and medium sized firms.
The FCA has published letters sent to the following sectors:
- Asset Management, Custody and Fund Services and Alternatives
- Consumer investments
- Credit reference agencies and providers of credit information services
- General Insurance and pure protection firms
- Life insurance
- Mainstream consumer credit lenders
- Mortgage lenders and administrators
- Retail banks and building societies
Each of the letters sets out a reminder of the implementation timeline, key elements of the Duty and how it applies to firms; the FCA’s expectations for how firms should embed the Duty; feedback from the recent review of firms’ implementation plans; and the FCA’s approach to supervising the Duty as well as planned next steps.