Consumer Duty - What have we learned so far?

Some firms thought that the Consumer Duty would be like TCF 2.0, but it has fast become the lens through which the regulator views the rest of the rulebook. We have seen the FCA challenge the high street banks for raising mortgage rates quickly after interest rates went up, while failing to act quite so quickly or as sharply on savings rates, bringing the Fair Value Assessment to bear. Ironically, the House of Lords debated whether the principle of fair value would lead to firms all sticking together so that there would be no ‘race for the top’, and as the FCA has demonstrated, it doesn’t intend to let that happen.

In this webinar, Steven Coppard, our Group Director of Debt Policy and Strategy gave ateendees insight into Consumer Duty and look at the different areas it’s impact is being felt, such as 

• The need to consider numeracy and literacy in customer communications
• How MaPS’s work on negative budgets could impact outcomes – from illegal money lending to insolvency
• The need to delve deeper into Know Your Customer
• How affordability translates into B2B debt through sole traders

Click below to watch the recording of this insightful webinar.

If you would like further information on any of the topics covered in the session, please check out our recent podcast episodes or feel free to contact Steve Coppard directly.