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Consumer duty hub

Following the issue of CP21/13 in May 2021 the FCA has now issued its second Consultation Paper CP21/36 with its feedback on the response to CP21/13 and its draft rules to be introduced in July 2022. Shoosmiths is committed to working with our clients to ensure that they are fully prepared for the introduction of the new Consumer Duty.

This dedicated hub will house all our latest insights, podcasts and regularly updated information.

The financial services sector is one of Shoosmiths’ key areas of focus. We support firms across the retail financial services sector who are affected by the Consumer Duty including banks and other financial institutions, building societies, consumer credit firms, payment services providers, funds, wealth and asset managers, financial advisers, new starts, FinTechs and insurers. A group of Shoosmiths specialists has formed a “Consumer Duty Group”, working together to assist clients as they consider the impact of the FCA’s consultation paper CP21/13: A new Consumer Duty.

This hub has been created to house our consultation response and will be regularly updated with podcasts, articles and updates on this developing subject. We are committed to ensuring we provide support to all our clients, helping them to understand how the proposed changes will affect them and assisting them in becoming compliant.

 

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CP21/36: a new consumer duty, consultation response, February 2022

We welcome the opportunity to response to the Financial Conduct Authority’s second consultation paper CP21/36: A new Consumer Duty. Download our response below.

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Shoosmiths Guide to the new FCA Consumer Duty CP21/36

We are working with clients to help them have a clear understanding of the requirements outlined in the recent FCA consultation paper on the new Consumer Duty. In our latest guide, we consider the impact on the financial services sector and how we can support you in successfully implementing the Consumer Duty at every stage of your business process.

With the FCA intending to finalise its rules on the Consumer Duty by 31 July 2022, firms will be expected to implement this in full by 30 April 2023. In view of this, all firms connected with the provision of financial services need to have a clear understanding as to the extent to which they may be affected by the introduction of the new regime.

Find out more by downloading our guide here: 

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CP 21/13: a new consumer duty

We welcome the opportunity to respond to the Financial Conduct Authority’s consultation paper CP21/13: A new Consumer Duty. We put together a paper setting out our responses, drawing on insights from clients and analysis from our group of specialists. Download the paper below.

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FCA consumer duty timeline

  • May 2021

    FCA published first
    consultation paper 

    Read
  • 30 July 2021

    Consultation period closed

  • 7 December 2021

    FCA published second consultation paper

  • 15 February 2022

    Second consultation period closed

  • 31 July 2022

    FCA expect to publish their policy statement
    summarising responses and making any new rules

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Latest consumer duty insights

Read the latest articles and commentary from Shoosmiths or you can explore our full insights library. 

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