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Consumer Duty – Latest update

What impact will the latest updates to the Consumer Duty Act have, particularly in relation to the risk and insurance implications?

Aerial view of city

The FCA’s new Consumer Duty rules aim to provide higher and clearer standards of consumer protection across financial services and require firms to act to deliver good outcomes for customers.

The recent review and amendment to Consumer Duty will clearly impact UK banks and other financial institutions. In this short video Martyn Redfern, Client Executive, Financial Institutions, FINPRO and Will Davis, Banks Lead, Financial Institutions, FINPRO discuss the recent proposed amendments, how these are to be implemented, and what are the next steps for firms to take, keeping in mind any potential risks and insurance implications.

*Any data referenced in the video relates to the UK. 

Speakers

Will Davis

Will Davis

Vice President, Financial Institutions, FINPRO

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Martyn Redfern

Client Executive – Financial Institutions, FINPRO