With the introduction of the FCA’s new Consumer Duty legislation around the corner, regulated financial institutions are scrambling to comply. But with only a short window of time remaining until the Duty comes into force, rash decisions or inaccuracies could be disastrous.
What is Consumer Duty?
A new standard of customer care, the FCA’s Consumer Duty aims to support consumers by providing them with the right details to make informed financial decisions, and protect against the mis-selling of financial products.
Speaking on the positive changes expected to arise from the Consumer Duty standards, Nikhil Lavanian, Bud’s VP of Risk & Compliance, said: “The new Consumer Duty regulations have made great strides towards making sure products and services are fit for purpose for the average consumer, delivering real value to every customer and generally aiming to put consumers in a much better position financially by driving good outcomes for them.”
Complying with Consumer Duty
As new legislation comes into force soon, it’s important to understand exactly what to expect and how to comply. So where exactly do you start?
Bud’s Consumer Duty summary
Dive into Bud’s Consumer Duty report where we explore the key areas of the Consumer Duty regulation and how your financial institution can use open banking and transaction AI to meet some of the compliance obligations.