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FCA launches Consumer Duty Survey

FCA launches Consumer Duty Survey
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The FCA has launched their Consumer Duty survey to understand the progress firms are making in implementing the Duty. The survey, which will be carried out on the FCA’s behalf by Ipsos Mori, is being sent to a sample of small and medium-sized firms.

Speaking at the Countdown to Implementation of the Consumer Duty event held last month, Sheldon Mills, Executive Director at the FCA, said: “We will be surveying around 600 smaller firms next to check how prepared they feel with their implementation plans.” The results are anonymous and the FCA will not be told how individual firms respond.

If you’re one of the firms selected to complete the Consumer Duty survey, the FCA encourages firms to take the time to provide them with feedback. The FCA will use the survey results to understand how prepared firms are in meeting the implementation deadline of 31 July 2023, and how the FCA can further support firms to embed the Duty effectively.

The FCA are also hosting more sector specific webinars to help firms understand their expectations and prepare for implementation. The FCA will be holding a webinar at 9.30am on 30th March which will be relevant to firms that provide payment and e-money services. Firms can register for the webinar via email.

The webinars will focus on the implementation timeline, key elements of the Consumer Duty, the FCA’s expectations, and how the Duty applies to firms in the specific sectors. The FCA will also allow time for questions from the participants.

How we can help

Neopay can help with your implementation plans to ensure you comply with the Consumer Duty ahead of July’s deadline. If you’d like to know more about how we can assist you, or how we can support you with authorisation arrangements, or any other regulatory compliance matters, please contact our specialist team here.

For everything you need to know about the Duty and the requirements for your business, check out our dedicated FCA Consumer Duty section for the latest updates.

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