FCA Dear CEO Letters For Firms To Prepare For The Consumer Duty
What has happened?
In February 2023, as firms continue to prepare for the implementation of the Consumer Duty in July 2023, the FCA is supporting them with a programme of engagement which includes setting out in sectoral Dear CEO letters the expectations of the Duty.
What are the key points?
The FCA has published Dear CEO letters that were sent to the following sectors in February 2023;
• Asset management, custody and fund services and alternatives
• Consumer investments
• Credit reference agencies and providers of credit information services
• General Insurance and pure protection firms
• Life insurance
• Mainstream consumer credit lenders
• Mortgage lenders and administrators, and
• Retail banks and building societies
The following sectors will receive letters very shortly.
• Credit unions
• Debt advice firms
• Debt purchasers, debt collectors and debt administrators
• Mortgage intermediaries
• Motor finance providers
• Payments services and e-money
• Retail finance providers, and
• Credit brokers
How can we help you?
Thistle Initiatives has supported firms for over 10 years as a trusted compliance and regulatory advisor. In addition to assisting you as-and-when, our team of specialists can serve as your right hand in meeting and complying with regulations. We understand the importance of staying up-to-date and compliant and are dedicated to providing the guidance and support needed to do so.
Are you looking for help with your FCA Consumer Duty arrangements, interpreting the requirements of the Dear CEO letter, or more general regulatory questions? Contact our specialist team now to schedule a free consultation. Get in touch with us by calling 0207 436 0630 or sending an email to info@thistleinitiatives.co.uk.