Consumer Duty

A NEW STANDARD FOR CONSUMER PROTECTION

With the Consumer Duty regulations fully in force, a new, elevated standard for how firms in the financial services industry must interact with consumers is expected. This shift prioritises consumer protection across the entire distribution chain, ensuring that firms put the customer at the center of their operations. The Consumer Duty represents a significant regulatory change, described by the FCA as a “paradigm” shift in its approach to consumer protection, demanding that firms ensure good outcomes for consumers across every aspect of their journey.

OUR SERVICES

Complyport offers a range of services to help firms meet the stringent requirements of the Consumer Duty. Our tailored solutions are designed to support businesses at every stage, whether they are seeking FCA authorisation or are already regulated. Our services include:

• Pre-FCA Authorisation Assistance: We help firms in the application process for Part 4A permissions, ensuring they meet Consumer Duty expectations. This includes assistance with drafting policies and documents in line with the new rules and overseeing your application from start to finish.
• Consumer Duty Impact Assessment (CDIA): For already authorised firms, we provide a thorough impact assessment to identify gaps in compliance and offer practical solutions to close those gaps. This assessment includes a review of policies, processes, and consumer interactions to ensure adherence to the Consumer Duty.
• Policy Review and Drafting: We assist with reviewing and updating your policies to ensure they align with Consumer Duty requirements, ensuring that your governance frameworks and customer outcomes meet the new regulatory standards.
• SM&CR Support: Our team offers guidance on integrating Consumer Duty into your Senior Managers and Certification Regime (SM&CR), with a particular focus on managing vulnerable customers and embedding customer-centric governance throughout your organisation.
• Training and Development: We provide comprehensive training programs to ensure that your staff understand and can implement the principles of Consumer Duty, staying informed and compliant as regulations evolve.

KEY BENEFITS

• Comprehensive Compliance Support: From authorisation to ongoing compliance, we provide end-to-end support tailored to your needs.
• Enhanced Consumer Outcomes: We help you prioritise long-term customer success, in line with FCA’s Consumer Duty regulations, ensuring that all business practices reflect consumer-first strategies.
• Proactive Gap Analysis: Our Impact Assessment offers a clear picture of where your firm stands in terms of compliance, with actionable solutions to address any shortfalls.
• Custom Solutions: Whether you need support with policies, training or the entire FCA authorisation process, we provide bespoke services that align with your business model.

OUR EXPERTS

At Complyport, our team of regulatory specialists has the expertise needed to guide your firm through the complexities of the Consumer Duty. With in-depth experience in FCA regulations, we are well-versed in both the specifics of the Consumer Duty and the best practices employed by peer firms. From assisting with initial authorisations to providing ongoing compliance monitoring, our experts are dedicated to helping your firm deliver on its regulatory obligations.