Understanding FCA Consumer Duty Key Requirements and Impact on Financial Firms.pdf

The FCA Consumer Duty is a critical regulatory principle aimed at ensuring financial firms act in the best interests of their customers. This presentation provides an overview of the duty's key requirements, including the need for clear communication, effective complaint handling, and fair product marketing. It highlights the impact on financial firms, emphasizing the increased accountability and the necessary adjustments to policies and procedures. Key timelines for compliance are outlined, and MEMA Consultants' tailored support services for achieving compliance are introduced.

1. Introduction to FCA
Consumer Duty
What is the FCA Consumer Duty?
A fundamental principle of the UK financial regulatory
framework.
Requires firms to prioritize consumer interests in all
activities.
Ensures fair treatment and transparency across the
financial sector.

2. Clear and Accurate Information:
Provide customers with precise information
about products and services.
Handling Complaints Effectively:
Respond promptly and fairly to customer
complaints.
Fair Product Design and Sales:
Ensure products and services are marketed
transparently and fairly.
Support for Vulnerable Customers:
Provide extra care and assistance to vulnerable
customers.
Key Requirements of the
FCA Consumer Duty

3. Impact on Financial Firms
How FCA Consumer Duty Affects Your Firm
Enhances accountability for consumer
outcomes.
Requires firms to demonstrate actions taken in
customers’ best interests.
Increases regulatory scrutiny on customer
treatment practices.
Necessitates adaptation of policies,
procedures, and employee training.

4. Implementation Timeline
Key Timelines for Implementation
Overview of critical dates and deadlines for
compliance.
Outline of the steps firms need to take to
meet FCA expectations.
Importance of staying updated with FCA
publications and guidance.

5. How MEMA
Consultants Can Help
Support from MEMA Consultants
Assistance with regulatory business planning and
compliance documentation.
Tailored gap analysis and remediation plans.
Specialized support for various financial
institutions, including:
1 Payment Initiation Service Providers (PISPs)
2 Account Information Service Providers (AISPs)
3 E-Money institutions, etc.
Contact MEMA for further guidance and support.

6. CONTACT US
[email protected]
EMAIL
+ 03301330811
MOBILE
Suite 1810, Unit 3a,34-35 Hatton Gardens, Holborn,
EC1N 8DX
MAILING ADDRESS

7. THANK
YOU
By MEMA CONSULTANTA