On 29 July 2022, the FCA updated its webpage on how to apply for authorisation.
The webpage now contains a new section for the Consumer Duty. The new section makes it clear that, the Consumer Duty’s implementation period ends on 31 July 2023 for new and existing products or services. However, as authorisation assessments of firms and individuals is forward looking (i.e. firms and individuals must demonstrate they can comply with the FCA rules and guidance on an ongoing basis), any firm or individual applying for authorisation (and those applying to vary their permissions) will have to demonstrate that they can meet the requirements of the Consumer Duty, as they relate to them, from now on.