Navigating FCA’s Consumer Duty Requirements as the Deadline Approaches
Putting The Consumer First As the Financial Conduct Authority (FCA) continues to move toward the implementation of Consumer Duty, on July 31, 2024, financial…
Consumer Duty Resources
Everything you need to prepare for the July implementation deadline.
The Cost of Non-Compliance
Regulatory bodies around the globe aren’t letting up and the cost of non-compliance can run into billions of dollars, and that’s only the financial impact.
$6.4B
Fines Issued by SEC in 2022
£215.8M
Fines Issued by FCA in 2022
What is Consumer Duty?
The Consumer Duty Act is a set of rules developed by the Financial Conduct Authority (FCA) to create higher and clearer standards of consumer protection within the retail financial services space and to motivate firms to prioritize consumer needs. As of 31 July 2023, Consumer Duty is in full effect, and StarCompliance is here to help businesses such as yours achieve Consumer Duty compliance and drive better outcomes for their customers.
Webinar
The Consumer Duty’s ‘Minimal’ Impact on SMCR and How It’s Not So ‘Minimal’ At All
Sara Cody of LinkLaters LLP joins Star to shed light on what should be happening and the significant impact Consumer Duty truly has on SMCR. Get critical guidance and direction for ensuring your business can support Consumer Duty in the long term.
On-Demand Configurability
Extensive workflows are highly configurable, powered by conditional logic.
Multi-Jurisdictional
Tailor time zone, currency, language, and more for global employees.
Intuitive UX
Drive employee adoption with ease and simplify employee access via standard authentication and/or single sign-on.
Actionable Intelligence
Quickly and easily get real-time analytics through customizable dashboards and reports.
Multi-Layered Protection
Safeguard sensitive data with multi-layered access rights based on division, department, role, location, and more.
Future-Ready Architecture
Gain a 360-degree view of your employee compliance anywhere with scalable, cloud-ready software and integrations with Snowflake, Thoughtspot, and PowerBI.
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Consumer Duty: Why Individual Accountability and Training & Competency Solutions Matter
In the UK, the Financial Conduct Authority (FCA) is looking to bring higher and clearer standards of consumer protection in retail financial services through…
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Admiral Partners With StarCompliance To Implement SaaS SMCR Compliance Solution
Partnership reflects StarCompliance’s expanding client footprint in the United Kingdom
27 July 2022
The Beginning
Final rules and guidance published
31 October 2022
Finalizes Implementation Plan
Firms’ boards (or equivalent management) body finalizes implementation plans
30 April 2023
Reviews Complete
Manufacturers complete all reviews necessary to meet outcome rules for existing open products and services and identify where changes need to be made
31 July 2023
Implementation Deadline
Implementation deadline for new and existing products or services that are open to sale or renewal
31 July 2024
Implementation Deadline
Implementation deadline for closed products or services
Accountability & Competency Solutions
Strengthen your employees’ individual accountability and effectively demonstrate compliance to regulators, all with complete traceability.
Develop a culture of compliance, drive firm-wide adoption, and protect your firm’s reputation with a solution that builds trust and certainty.
Consumer Duty At A Glance
Under the new Consumer Duty Act, businesses are subject to the following requirements:
Consumer Principle
Firms must act to deliver good outcomes for retail customers
Cross-cutting Rules
Firms must:
- Act in good faith towards retail customers
- Avoid causing foreseeable harm to retail customers
- Enable and support retail customers to pursue their financial objectives
Four Outcomes
Firms must deliver positive outcomes related to:
- Products and services
- Price and value
- Consumer understanding
- Consumer support
Is Your Firm Ready for Consumer Duty?
Here are a few steps you can take to set your firm up for success:
Familiarize yourself with the FCA’s Consumer Duty requirements
Get to know your customers through consumer research
Define positive customer outcomes
Review existing customer journeys and processes to ensure Consumer Duty alignment
Make sure your employees fully understand Consumer Duty requirements and expectations
Establish and implement FCA Consumer Duty policies and procedures
Closely monitor Consumer Duty compliance and make adjustments to operations and policies as needed
Download our Consumer Duty Checklist
