The FCA have published the findings from their ‘Payments Consumer Duty Multi-Firm Review.'
The Consumer Duty (the Duty) came into force for open products and services on 31 July 2023 and for closed products and services on 31 July 2024. It is a cornerstone of the FCA’s 3-year strategy and a fundamental way in which they have set higher standards for firms.
The review looked at how Payments firms have implemented the Duty, including how they considered its requirements, identified any gaps and addressed them. They also looked at how far firms have considered the specific Payments risks set out in their Dear CEO letter on implementing the Duty in Payments firms of 21 February 2023 and have acted to deliver good consumer outcomes. The report sets out findings and examples of good and poor practice.
Firms should evaluate their products, services and processes against the Duty rules and guidance on an ongoing basis. They should make sure they are putting consumers at the heart of their business and are acting to deliver good outcomes for retail customers.
Firms should consider the findings and whether they apply to them. Firms that identify gaps in their compliance with the rules should act immediately, putting plans in place to address shortcomings.
For information, this is the relevant link:
https://www.fca.org.uk/firms/consumer-duty-information-firms