PIMFA have produced a members only Guide for firms on the Consumer Duty implementation plan which must be signed off by your board by 31 October 2022.
This is an outline of the main points that firms could consider when drafting their plans, based on our interpretation and understanding of what may be required.
Firms will need to assess how these examples could apply to their own business models. We hope this is of assistance to firms in developing their own implementation plans.
You can also read PIMFA analysis on the Consumer Duty including the 'Top 10 things you need to know' and 'Key outcomes' on our microsite here
Mini Budget 2022
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Fiscal Statement reaction from Liz Field, Chief Executive of PIMFA: “Inflation remains key problem facing households and the economy.”
PIMFA welcomes extension of the
In addition our exclusive analysis sent to members last week, Liz Field, PIMFA CEO said:: “Few of us would envy the Chancellor today, faced with the difficult task of attempting to encourage economic growth in the face of the Bank of England warning the economy is probably already in recession, inflation running at just under 10% and forecast to hit as much as 13% or 14% next year and a cost of living crisis impacting almost all families.
PIMFA hopes the measures announced by the Government today will help to counter the effects of these challenges on family finances, rebuild household financial resilience and realise a more prosperous future.
“The Government’s longer term growth target of 2.5% per year is welcome, as are efforts to support business, encourage inward regional investment and encourage further investment in small to medium sized enterprises such as the increased investment limits in, for example, the Seed Enterprise Investment Scheme... read the full statement here
PIMFA Press Coverage
The
IFA Magazine: Fiscal
“Inflation remains key
facing households &
says PIMFA's Liz Field
Latest PIMFA
Latest
Improving
Consumer Duty implementation timeline
PIMFA announces shortlist for second Diversity & Inclusion Awards
PIMFA updates Future of Supervision paper and calls for more improvements from the FCA
PIMFA calls on Government and Regulator to widen access to advice to more UK consumers
Read more press releases here
FT Adviser: How the consumer duty is affecting providers and advisers
Actuarial Post: Inflation Remains Key Problem For Households & The Economy
FT Adviser: PIMFA: Why simplified advice needs to feature in FCA handbook
CityAM: Consumer Duty set to deliver ‘biggest regulatory overhaul in a decade’ for financial services
See more of PIMFA in the press
Latest PIMFA Consultation Paper Responses
PIMFA response to consumer redress scheme for unsuitable advice to transfer out of the British Steel Pension Scheme
PIMFA calls for FCA to be given power to direct Ofcom to remove fraudulent content in Online Safety Bill
PIMFA’s response to the FCA Compensation Framework Review
Read them all here
THE
Change is happening. Governments are legislating for mandatory climate disclosures, new rules and regulations are constantly being announced while impacts on firms are still being evaluated.
The Conference 2022 aims to provide attendees with the latest information firms will require to ensure they are ready for what is coming and the opportunities these changes will create for their clients and the sector.
Super Early Bird tickets available now!
For more information and to register, please click here
The new Consumer Duty is finally here with a bang with boards being required to approve their firm’s implementation plans by the end of October 2022. However, with proper planning, ensuring compliance with the new higher standards doesn’t need to be all consuming to you or your firm.
Through this FREE, must attend 90 minute webinar, our panel of regulatory experts and lawyers will unpick for you the key elements of the FCA’s final rules, exploring the practical steps required to understand, analyse, implement and test compliance with Consumer Duty across your firm.
For more information and to register, please click here
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