Businesses on deadline to adhere to FCA Consumer Duty
Posted on in Cycles News
Together with our partners at V12 Retail Finance, we are highlighting the FCA Consumer Duty and the four key outcomes that the FCA will be looking for authorised businesses to adhere to.
While the FCA has given authorised businesses one year to implement these new changes, it is important to begin reviewing your business and implementing the principle sooner rather than later. This way you have adequate time to educate staff, review policies and inner workings and really embed the principle in how your business treats customers and conducts its operations.
V12 have put together a Consumer Duty Guide which recaps on all this important information and has quick links to useful resources. You may find it useful to download this guide and share among your colleagues. To get your copy, click here.
The first deadline to be aware of is 31 October 2022. The FCA has said that authorised businesses’ Boards (or equivalent management body) should have agreed their implementation plans by the end of October 2022 and be able to show they have scrutinised and challenged these plans to ensure they are deliverable and robust to meet the new standards. We also said that authorised businesses should expect to be asked to share implementation plans, Board papers and minutes with supervisors and be challenged on their contents.
Read more about the retail finance here.
Retail Finance Training
One of the most effective ways to ensure that you and your staff are fully trained and compliant is by taking our Retail Finance Training course. Developed by ACT, it is the first online learning course for retailers which aims to build the skills and knowledge required to maximise sales using Retail finance.
You can find more information about Retail Finance Training on the service page and you can try the demo for free here.