The Financial Conduct Authority (FCA) has confirmed that it no longer expects firms to have a Consumer Duty Board Champion.
Now the Duty is in full effect, the FCA wants to give firms greater flexibility on their ongoing governance arrangements. This update from the FCA is in effect from 27 February but does allow firms to keep the role should they wish to.
BVRLA members should continue to ensure that obligations under the Duty are reflected across the business at all levels, including strategies, leadership and people policies.
The association will amend its Leasing Broker inspection programme to reflect the fact that the Consumer Duty Champion is no longer an FCA requirement.
Firms can find full details on Consumer Duty – information for firms | FCA.
BVRLA Consumer Duty resources hub.
