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18th October 2022

Prudential: Consumer duty

The Financial Conduct Authority (FCA) have published the final rules for Consumer Duty - PS22/9: A new Consumer Duty, alongside finalised guidance FG22/5.

Firms have until 31 July 2023 (originally expected 30 April 2023) to fully implement the Consumer Duty requirements for new and existing products and services, and until 31 July 2024 for closed products or services.

The FCA have stated that by the end of October 2022, firms’ boards (or equivalent management body) should have agreed their implementation plans and be able to evidence they have given this appropriate consideration.

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On our Consumer Duty support page you’ll find articles, links to supporting client facing material and much more.

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