Mazars develops Consumer Duty video series ahead of July deadline
With the deadline for implementing the FCA’s Consumer Duty approaching later this year on 31 July 2023, Mazars, the international audit, tax and advisory firm, has developed a series of videos to help clients prepare for and successfully implement the Duty.
In the ‘Steps to Success’ videos, Mazars’ experts outline and give guidance around key aspects firms should be aware of, including:
- Board and senior managers’ roles and responsibilities – such as overseeing and regularly reviewing progress with the implementation of the Duty; confirming the firm is meeting its obligations; and what the board champion role and senior managers’ regime requires
- The role a firm’s culture plays in successfully embedding Consumer Duty and delivering the outcomes required – and how firms could look at this through the lens of the FCA’s four key drivers of culture
- Conducting fair value assessments – and learning lessons from the insurance sector and using internal data and market information to continuously monitor price and value rather than conducting a one-off annual exercise
- Supporting and ensuring good outcomes for vulnerable customers – such as having practical measures in place for vulnerable customers when there is a risk of harm, for example, in-person support options
- Gathering sufficient and relevant data to assess whether a firm is complying with the Consumer Duty – including using complaints and customer feedback, and the results of regular testing and monitoring to enable firms to learn from real customer outcomes
- Delivering good customer outcomes – and the importance of defining what constitutes a good outcome for the products and services a firm offers, and how to approach this
Vivian Pereria at Mazars, said: “With the consumer duty deadline coming later this year, firms need to ensure they have the appropriate measures in place to embed it in their business. The Duty will have far reaching implications for the retail sector, and for some firms, it will require a significant shift in culture and behaviours to meet the new, higher standard of conduct. The onus will be on firms to monitor, assess, understand and evidence how they are acting to deliver good outcomes.
“There is clearly a lot to consider ahead of the deadline, and it’s important to be well-prepared. Our video series outlines some of the key things to be aware of as businesses adapt and put new practices in place, and should be a useful tool during this crucial planning stage.”
To view all of Mazars’ Consumer Duty Steps to Success video series, please click here: Consumer Duty – Steps to success – Mazars – United Kingdom
