SimplyBiz leads the field with Consumer Duty support SimplyBiz leads the field with Consumer Duty support

06 Jun 2022

You may have heard a lot recently about a new piece of regulation on its way from the FCA – the Consumer Duty – and wondered if it will affect you and your firm. I’m sorry to tell you, the answer is almost definitely ‘yes’!

The Consumer Duty will create a new Principle – Principle 12 -, which will provide an overarching standard of conduct for firms, this will be supported by cross-cutting rules which set out how firms should act and define standards of conduct. Whilst Principle 12 builds upon and supports two existing Principles - 6 and 7 – there will be some additional work needed to ensure that you’re all set to fulfil the new requirements needed.

As well as considerations around the amount of work to be undertaken, there are also time constraints; Consultation Paper CP21/36 is out now, it’s due to close 15 February 2022, with the new rules applying from 31 July 2022 and an implementation period of twelve months, running up until the end of July 2023.

Don’t worry – we’re here to help

At SimplyBiz, we’ve been working hard to ensure that our Member Firms have all the support and resources they need to be ready for the implementation of the Consumer Duty. Karl Dines, our Head of Business Consultancy and one of the industry’s foremost experts on the Consumer Duty, has thoroughly analysed and distilled this substantial piece of regulation, and produced a breadth of support. To find out more, visit our Compliance overview page.

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