Regulatory gap analysis: FCA Dear CEO letter to Consumer Finance firms: Implementing Consumer Duty for closed products and services

Earlier this month the FCA issued a series of Dear CEO letters focusing on the implementation of Consumer Duty for closed products and services.

With the implementation deadline for closed products and services rapidly approaching, our latest gap analysis template focuses on the questions Consumer Finance firms should be asking themselves in preparation for the Consumer Duty coming into force for closed products and services on the 31 July 2024.

The FCA’s stance is clear: “When the Duty comes into force for closed products and services firms need to make sure, and be able to show us, that they are acting to deliver good customer outcomes. We will be proportionate to the harm – or risk of harm - to consumers, prioritising the most serious breaches and acting swiftly and assertively.”

The FCA expects Firms’ senior management to carefully consider the content of the letter and take steps to ensure their firm is compliant with the Duty by the deadline.

Our Regulatory Gap Analysis is the perfect way to do this as it sets out the key themes of the letter and includes well thought out business questions to ask yourself for the identification of potential harm risks and to evaluate your current framework.

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