The next significant Consumer Duty deadline is now less than two weeks away. By the 30 April, Manufacturers should have completed all the reviews necessary to meet the outcome rules for their existing open products and services ready to share with their Distributors. This will allow them to meet their obligations under the Duty and identify where any changes need to be made.
Manufacturers are the firms that create, develop, issue, and/or design products (e.g., the lender). Firms are distributors if they offer, sell, recommend, advise on, arrange, deal, propose, or provide a product or service, including at renewal (e.g., the broker).
By the 30 April deadline, Manufacturers should make all appropriate information available to Distributors to allow them to:
- understand the characteristics of the product or service
- understand the identified target market
- consider the needs, characteristics, and objectives of any customers with characteristics of vulnerability
- identify the intended distribution strategy
- ensure the product or service will be distributed in accordance with the target market.
The BVRLA Implementation Plan Checklist enables you to take a look at what stage you are at in your Consumer Duty journey and where you should ideally be. Distributor firms should be ready to use the information passed on to them by their Manufacturers to get ready for the next deadline on the 31 July 2023. All current BVRLA guidance on Consumer Duty can be found on the BVRLA website.
If BVRLA members need further support, they should contact [email protected].
