FOS discussion update
Published 09 February 2023
It was good to talk to the Financial Ombudsman Service earlier in the week. We raised some concerns that our members had during the FOS discussion. However, we also welcomed their commitment to more engagement with the consumer credit industry. One of the issues that we are particularly keen to raise in our FOS discussion is their approach to Consumer Duty.
View ResourceMeeting the October 2022 deadline
Published 25 October 2022
The FCA will be reviewing the implementation plans for a number of firms, how many, we do not know. We do know this an area of priority for the FCA and that teams have been established to take this forward. The CCTA has undertaken a series of activities to guide our members in the implementation of the Consumer Duty. We urge you to review the guidance paper that CCTA developed following the publication of the final policy statement.
Member OnlyConsumer Duty
Published 06 September 2022
The Consumer Duty is a new initiative, responsibility for which has been placed upon the Financial Conduct Authority (FCA), by the Treasury. For the financial services industry, the Consumer Duty marks a shift from rules-based regulation to more ‘principles’ and ‘outcomes’ based. This guidance paper covers: introduction and background, the 12th consumer principle, three cost-cutting rules, the four consumer outcomes and key operational considerations.
Member OnlyConsumer Duty
Published 09 August 2022
The final policy statement on Consumer Duty was due at the end of July 2022 and so we ran a virtual event following its publication. The workshop covered a full overview of the Consumer Duty principles and requirements before addressing granular details specific to the alternative lending sector.
Member OnlyPS22/9: A new Consumer Duty
Published 27 July 2022
It is interesting to see the Consumer Duty policy statement and final guidance out. We will be taking a few days to work through all the materials. For some of us, this has been the focus for many months, if not years of discussion. Of course, no one can disagree with the general principles and outcomes that we have arrived at and there were some good decisions about the scope or the right of action. Any non-handbook guidance is welcomed, and that has long been one of our appeals.
View ResourceWhat will the FCA’s ‘Consumer Duty’ mean for access to credit
Published 24 November 2021
I spoke last week at an event exploring the FCA’s proposed ‘Consumer Duty’. The Duty is positioned as asking firms to put themselves in the shoes of the customer and consider if they would like to be treated how their firm treats customers. We are concerned that it is a much more radical change in the relationship between consumer and lender and that was my warning.
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