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TISA Comments on the Deadline for Consumer Duty Implementation

July 31, 2023

Lisa Laybourn, Director of Technical Policy and Risk at TISA, said: “The aim of Consumer Duty is to put UK consumers, including the most vulnerable, in the strongest possible position to take charge of their financial wellbeing. This is an admirable ambition, and one which TISA supports.

“We have now passed the FCA set deadline for the implementation of Consumer Duty across all new and existing products that are open to sale or renewal within the market. It has undoubtedly been a challenge for much of the industry to review their entire offering within the implementation timeline, but the benefit to the consumer which this refocusing will bring about is vital and worth the effort.

“However, even now the deadline for implementation has passed, we as an industry cannot sit back and think the work is done. Culture is key, and there will be many firms that will have found themselves in a good place, having already put the customer at the heart of their business, and for some there may still be further changes required. For all firms, realising the full benefits of Consumer Duty is a journey, and improvement can and should continue to be made beyond the implementation date.

“For example, we should continue to refine products to deliver better value. Crucially, we must also make sure our communication with consumers is more effective at increasing engagement by delivering it through means and language which can be understood and tailored to different audiences.

“This deadline is not the end of the journey for Consumer Duty, and TISA will be ready to continue working with the Government, firms and regulators to improve end results for consumers.”