What boards need to know about the FCA’s latest regulations

In the early 2020s, a big gap emerged between customer expectations and reality. As digital business models evolved, customer support policies lagged behind. Meanwhile, too many products and services let customers down when they needed the most help, like business interruption insurance that failed to cover specific aspects of the COVID-19 pandemic.

The Financial Conduct Authority (FCA) responded with the Consumer Duty Act, specifying in great detail that subject UK firms “must put consumers at the heart of their business model — and critically be able to evidence this.”

As of July 31, 2023, the FCA now considers the Act “in full force,” and organizations will need to show that they've agreed upon an implementation plan, reviewed existing products and services, and remedied issues to ensure full compliance.

Download this free infographic to learn more about the implementation timeline and what your firm must do to comply.