From Vulnerable Customers to the New Consumer Duty – Unpicking the FCA’s expectations of payment and e-money institutions
There may be 12 months to implement the new rules however there is only weeks left to the initial deadline of 31 October 2022, to have a Board approved implementation plan in place to show the FCA, if requested.
This report dives deeper into the topics discussed at the webinar, and while focusing on the payments sector, it contains lessons for all regulated financial services firms. The report assesses the impact of the new Duty on how firms identify and protect customers in vulnerable circumstances and then outlines seven clear steps firms should follow to prepare to meet the demands of an increasingly active regulator.