On 3 March 2023, the FCA published a further batch industry-specific portfolio letters on implementing the Consumer Duty.
Each letter sets out a reminder of the implementation timeline, key elements of the duty and how it applied to firms in the relevant portfolio, the FCA’s expectations for how firms should embed the Duty, feedback from the FCA’s recent review of firms’ implementation plans, the FCA’s approach to supervising the Duty and planned next steps.
The letters, which build on the guidance previously given to firms, are addressed to CEOs or directors of firms in the following portfolios:
