The Financial Conduct Authority (FCA) has published a letter to support firms implementing the Duty for closed products and services rules. The rules come into play from the 31 July 2024, one year on from open products and services implementation.
If members have closed products and services to apply the Consumer Duty to, they should review the information from the FCA and apply as necessary.
Queries to the BVRLA regarding Consumer Duty can be emailed to [email protected].
The BVRLA’s Consumer Duty Training Programme provides practical insight and guidance around all aspects of compliance within the new regulatory framework. The next online workshop takes place on 19 June 2024. Book online or email [email protected] for more information.
The FCA has also released new authorisations performance metrics, with its latest performance data showing 10 metrics are green, 6 are amber and none are red.
98.1% of applications across all metric areas were determined within the statutory deadline. The FCA will publish its performance for the first quarter of 2024/25 in August 2024.
FCA authorisations operating service metrics 2023/24 Q4 | FCA.
