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FCA Consumer Duty: good practice and areas for improvement, including CYBER RISK

29/04/2024

The FCA Consumer Duty came into force for open products and services on 31 July 2023. Since then, in February 2024, the FCA has published good practices and areas for improvement that build on their review of firms’ implementation plans, fair value frameworks, and previous communications.

The February 2024 update shows that the FCA expects firms:-

  • To consider its findings on consumer duty implementation, including good practices and areas for improvement, and continue to improve in line with good practices.
  • Identify gaps and address [fix] them.

The findings may be useful for firms when considering what changes, they need to make to meet the 31 July 2024 implementation deadline for closed products and services.

The FCA says it will act where it identifies firms that could be delivering better customer outcomes.

On cyber risk, the FCA says its “Areas for improvement”, that they have seen firms:

  • There are not sufficiently robust systems to protect and help consumers from loss of investments, savings, or personal data due to fraud or CYBER-ATTACKS.
  • We expect firms to have robust systems and controls to avoid causing foreseeable harm to customers and to provide prompt and appropriate support for victims of fraud.

Read here.

https://www.fca.org.uk/publications/good-and-poor-practice/consumer-duty-implementation-good-practice-and-areas-improvement

UNITED KINGDOM

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