Tag: Consumer Duty

As regulatory pressures continue to mount, what are the biggest priorities? Aveni, a UK-based RegTech platform, has outlined the top five things financial services CROs are currently prioritising.

The FCA has published a review of how companies are planning to implement the new Consumer Duty legislation set to come into force on 31 July 2023.

The FCA recently introduced Consumer Duty regulation, which aims to ensure customers receive communications from financial services firms that they understand. How can firms become more compliant with it?

Over a third (38%) of firms have limited knowledge of the FCA’s new Consumer Duty, with many turning to technology and data to solve their woes.

In its most recent Consumer Duty Solutions Series Webinar, RegTech firm Aveni examined what a data-driven regulator expects from a company in light of consumer duty.

 As the firms assess the FCA’s final guidance on Consumer Duty, Aveni has warned some consider the regulation as the Treating Customers Fairly (TCF) mandate in disguise. Aveni has outlined four areas where Consumer Duty and TCF differ.

With the UK’s FCA having released its final guidance on Consumer Duty proposals, firms have been given new requirements they must meet.