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TISA comments on the areas of focus highlighted by the FCA for firms implementing the Consumer Duty

January 26, 2023

Lisa Laybourn, Head of Technical Policy and Regulation at TISA, said: “The FCA’s statement is a clear recognition that firms are embracing the spirit of the Consumer Duty and working towards better compliance. As we work with both our members and the broader industry, that commitment to raising standards for customers and improving culture is evident.

“However, as with all regulatory change, the devil is in the detail. In certain aspects of the Consumer Duty, standardisation is required to enable effective adoption of the Duty across the distribution chain, and ensure processes are scalable and sustainable. The Duty requires significant analysis and review of policies and operational processes, and implementation of any resulting change. That takes valuable time and resources to implement effectively.

“TISA is supporting its members and the industry by working collaboratively through these issues to establish common standards and best practice. We are planning to publish the first version of our best practice guide to the Consumer Duty in early March to help firms navigate a policy area that is often difficult to comprehend.”