DEDICATED SUPPORT
ARE YOU PREPARED FOR YOUR CONSUMER DUTY ANNUAL ASSESSMENT ?
Last summer , as part of our Consumer Duty Webinar series , we informed firms that Consumer Duty is not a once and done exercise . At least once a year , the Senior Managers within your firm ( your Board ) must review and approve an assessment of whether your firm is delivering good outcomes for your customers . This is an important piece of internal governance and must be done by all firms regardless of size .
The annual assessment should lead to the production of a board report , which evaluates a firm ’ s adherence to their Consumer Duty obligations and references suitable MI to evidence the delivery of good consumer outcomes .
Firms are expected to use this process to continue to learn and make improvements . The first annual assessment must be completed by 31st July 2024 .
In the run up to the Consumer Duty implementation deadline on 31st July , we are providing members and clients with an array of guidance , documentation and tools to ensure firms are ready .
Now that the rules are in place , you may wish to familiarise yourself with certain elements and will of course still need to be able evidence you are meeting the new rules on an ongoing basis . To ensure you have everything you need to remain compliant , we offer ongoing access to all the support and tools .
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MAY 2024 | 15