The launch of the FCA consumer Duty in July was well trailed by all the major, financial trade publications. In the end, there was very little in the final publication that we didn’t already know about.
That shouldn’t diminish the importance of this document and the new regulatory direction of travel that it sets. At Contact State, we’ve argued consistently that the FCA will seek to redress many of the problem areas in financial regulation with the Consumer Duty paper and we‘re now more confident than ever that action is coming.
Although firms will have until mid 2023 to fully comply with the Consumer Duty, the FCA has signalled that it expects firms to start planning, much sooner. Authorised firms will need to show evidence of their Consumer Duty plans by the end of October, in a matter of weeks.
We think there are some very specific things that you need to consider if you generate or purchase financial leads and we’ve put together a briefing, here.
If you’re in the Mortgage and Equity release industry you should also read Thomas Brett’s interpretation (here) of what these three main themes means for the lending industry.
If you’d like to find out how lead certification, better verification and real time audit can support your firms Consumer Duty planning, please get in touch and we’ll arrange a platform demo.
Lead Generation and the Consumer Duty - Useful links:
Advisers Assemble Podcast: Interview with Alain Desmier
Money Marketing Article : FCA confirms rules to tackle harm caused by ARs
FT Adviser Podcast: Lead Gen must be held to the same standard as advisers
Cover Magazine Video: Impact of consumer duty on lead generation
Financial Reporter Article: Lead Gen and the consumer Duty