Monday 31 October was the deadline for regulated firms to have produced an Implementation Plan for the Consumer Duty and to have had this signed off by their board or board equivalent.
If your firm has missed the deadline, you will need to complete the Implementation Plan as soon as possible. The Financial Conduct Authority (FCA) wants to see evidence that firms are doing their best to complete them.
If you need support on this, go to the BVRLA’s Consumer Duty webpage for the Implementation Plan checklist, guidance and to watch a series of four webinars that look at the four key principles of the Duty in turn.
Contact the association using [email protected] with any questions.
Regarding the next deadline of 30 April 2023, the FCA states that: “manufacturers must share with distributors the information necessary for them to meet their obligations under the Duty (eg in relation to the price and value, and products and service outcomes). They must identify where changes need to be made to their existing open products and services to meet the Duty and implement these remedies by the end of July 2023.”
Regulated members should not wait on manufacturers to share those plans, which leaves them a small window in which to act. Steps should be taken now, meaning that plans only need to be finalised after April. Begin communication with those manufacturers now to get an early indication of their thought process and what they will expect. This will help distributors in early planning and preparation.
The FCA will be joining the BVRLA for an exclusive webinar ‘Exploring Consumer Duty with the FCA’, taking place on Tuesday 15 November at 3pm. Richard Wilson, who manages the FCA’s Consumer Duty Policy team, will join BVRLA Director of Legal and Membership Shashi Maharaj and field questions from BVRLA members.
Sign up for the free webinar now.
Consumer Duty Factsheet - top ten key points on Consumer Duty for BVRLA Members.
