Financial Services Session - Consumer Duty and Pricing
1 January 0001, 00:00 - 00:00
Consumer Duty is designed to increase the current level of consumer protection in the retail financial services market. With it, the FCA has signalled a "paradigm shift in its expectations" and therefore the impact of the initiative cannot be under-estimated in terms of its regulatory intentions.
Firms have until 17 January 2022 to implement the pricing and auto renewal disclosure remedies fully, but after 1 January 2022, they must pay redress or make repayments to people if the delay to implementing negatively impacts them.