City & Financial Global is pleased to announce its forthcoming Summit on Consumer Protection in Financial Services.
The Summit is being held against the background of the most severe cost of living crisis for decades. The FCA had already determined that consumers should be owed greater protection. Last year, they announced the introduction of a new Consumer Duty which would require firms “to act to deliver good outcomes for retail clients.” With the new rules due to be published at the end of July, and an implementation date of April 2023, what do firms need to be doing now to avoid a breach of the duty?
The event will also provide detailed guidance on how firms can achieve the “paradigm shift” needed to implement the cross-cutting rules and achieve the four required outcomes. Other issues to be addressed at the Summit include the risks posed to consumers investing in crypto, the rise in financial scams and misleading financial promotions. Although the proposed private right of action was dropped following the FCA’s consultation, the consequences of breach, from a reputational and regulatory perspective, will be extremely serious for any firms involved.
The Summit will bring together regulators and financial services firms to share insights into how to ensure you deliver good outcomes for consumers at every stage to avoid costly consequences.
To join this event please register here.
ACI UK Financial Markets Association members will receive a 20% member benefit discount code for this event.
If you would like to become a full member please subscribe here.
For any information please contact us at membership@aci-uk.com.