FCA multi-firm review of Consumer Duty implementation plans

The FCA has published a review on firm progress with Consumer Duty. They have raised concerns some firms are falling behind with their planning. The review highlights areas of focus that all firms should be paying attention to and provides useful guidance on their expectations and what good looks like. To date the review has focused on sixty larger firms who have fixed supervisors, who operate in the retail financial services market. The review will be extended, and smaller firms may soon find themselves subject to a Consumer Duty thematic.

This gap analysis summaries the key points and provides a checklist of self-assessment questions to consider when benchmarking your progress.

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