July 2023 brings the introduction of the Financial Conduct Authority’s new Consumer Duty. Regulated firms held to the standards of the New Duty will need to act fast in order to become compliant to the latest set of regulations. Is your firm not prepared for Consumer Duty? Here’s how you can change that…

Authorisation of the majority of financial service activities by the Financial Conduct Authority (FCA) is mandatory in the UK.
The sale of automotive insurance is included within this category.

Consumers are able to access the register to check if a firm is authorised or not before entering into business with them, so it’s important that your firm is authorised. Here, we provide guidance on checking the register and furthermore how firms can become authorised.

The Consumer Duty directs the actions of firms operating within the financial sector and outlines the standard to which the Financial Conduct Authority will hold the firms it regulates. The Consumer Duty in this way is a central document to FCA compliance and avoiding penalisation, as well as a thriving business and happy customers. So, what is Consumer Duty?

A new principle of business has been included in the latest release of the Financial Conduct Authority’s Consumer Duty.
This now totals 12 principles which guide the conduct of firms in the financial industry. With the FCA 12th principle set to come into effect 31st July 2023, are you acquainted with its finer details?

Consumer Duty Monitoring and Governance: Monitoring consumer duty is achieved through firm assessment and evidence. Principals and appointed representatives are responsible for ensuring that their firms are compliant.

Expectation of Firms Under Consumer Duty are based on the actions a firm needs to take to meet the four outcomes of the Duty. View the four outcomes for the Consumer Duty in more detail.

What are the Rights of Financial Crime Victims? Financial crime is defined by the Financial Conduct Authority (FCA) as “any kind of criminal conduct relating to money or to financial services or markets”. In the UK, financial crime victims have legal rights, protected by various laws and regulations, which are elaborated upon here to provide guidance to victims of financial crime; although, if you feel you have been a victim of financial crime, you should consult the guidance and legislation of the relevant bodies directly.

How Does Regulation in FCA Regulated Markets Combat Financial Discrimination? – Discrimination within the financial market can take many forms. Whether direct or indirect discrimination, when customers are treated differently because of their protected characteristics, this can lead to ethical, social, and even legal breaches. The Financial Conduct Authority (FCA) has implemented regulations in order to reduce the amount of discrimination experienced in the financial industry

How Does Regulation Promote Healthy Competition in the Automotive Industry? The automotive sector is one of the sectors included within the industries regulated by the FCA. Negative competition can occur within the automotive sector; therefore, it is vital that automotive firms are aware of these destructive practices in order to spot and report them to the FCA.