What's Happening?
Norton Rose Fulbright has released a podcast marking three years since the Consumer Duty came into force for on-sale products and services. The podcast explores the impact of the Duty on the Financial Conduct Authority's work, changes in how firms organize
themselves, and conduct business with retail customers. It also discusses key lessons learned from intervention and enforcement actions related to the Duty, and potential future changes.
Why It's Important?
The Consumer Duty has significantly influenced the financial services industry, shaping how firms interact with retail customers and ensuring higher standards of consumer protection. By examining the Duty's impact over three years, Norton Rose Fulbright provides valuable insights into regulatory trends and challenges faced by firms. This analysis is crucial for stakeholders aiming to navigate the evolving regulatory landscape and adapt to new compliance requirements.
What's Next?
As the Consumer Duty continues to evolve, firms may need to reassess their compliance strategies and operational practices to align with regulatory expectations. Future changes to the Duty could introduce new requirements, prompting firms to enhance their consumer protection measures. Stakeholders should remain vigilant to potential regulatory shifts and prepare for adjustments in their business models to maintain compliance.
