The Financial Ombudsman Service (FOS) has shared a blog about the Financial Conduct Authority’s (FCA) new Consumer Duty which is due to come into effect on 31 July 2023 for new and existing products and services that are open to sale (or renewal), and 31 July 2024 for closed book offerings.
Simon Rawle, Ombudsman Leader, outlines the new Duty and how the FOS is working with the FCA and other stakeholders during the implementation period for the new rules.
The blog confirms that the Duty does not have a retrospective effect and will not apply to past actions by firms. It also talks about how the FOS is working with the FCA, particularly through the Wider Implications Framework , to ensure a consistent and complementary approach to the application of the new Duty – while respecting the different statutory roles that both organisations deliver.
Members may access the blog here.
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