Consumer Duty Implementation
The FCA’s Consumer Duty is transforming financial services, requiring firms to prioritise customer outcomes and transparency. Ensure your business stays compliant and delivers value with expert guidance from Leysen.
Understanding Consumer Duty
What is Consumer Duty?
The Consumer Duty is a new regulatory framework from the FCA that requires firms to:
Deliver good outcomes for customers.
Ensure products and services meet customer needs.
Provide clear, fair, and transparent communications.
Offer support that enables customers to make informed financial decisions.
Who Does It Apply To?
This regulation impacts all firms regulated by the FCA that provide financial products or services to retail customers.
Key Deadlines & Compliance Timeline
The Digital Operational Resilience Act (DORA) sets the standard for ICT risk management across financial services. It ensures firms are resilient to digital threats and fully compliant with European regulations.
Initiation Date: July 2022
Compliance Deadlines:
- July 31, 2023 – Compliance required for new & open products.
- July 31, 2024 – Compliance required for closed-book products.
Firms must take proactive steps to comply by these deadlines to avoid penalties.
What This Means for Your Business
The new rules affect how financial services firms operate, communicate, and manage customer relationships.
- Review and update product offerings.
- Ensure fair pricing and value assessments.
- Enhance customer service and post-sale support.
- Revise marketing and communications for clarity.
Leysen’s compliance experts provide tailored solutions to help you implement these changes seamlessly.
Our Approach to Consumer Duty Compliance
At Leysen, we offer a structured framework to help firms align with the new Consumer Duty standards:
ICT Risk Management
A thorough evaluation of your business operations to identify gaps and risk areas.
Policy & Process Review
Updating existing policies to align with FCA regulations and ensuring fair value assessments.
Customer Communication Overhaul
Refining marketing, disclosures, and service communications to enhance transparency.
Ongoing Monitoring & Reporting
Ensuring continuous compliance with FCA expectations and tracking customer outcomes.
How Leysen Can Support Your Compliance Journey
We offer tailored compliance solutions
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