Bovill: Financial services regulatory consultants

Consumer duty resource library

The FCA's new Consumer Duty sets higher standards of consumer protection across financial services and requires firms to put their customers' needs first.

Demonstrating you’ve reviewed consumer outcomes at every step of the distribution chain is not easy and the scale of change will be different for every firm. Our resource library can help you navigate and prepare to meet the new requirements.

Catch up on our events

Consumer Duty – from project to practicality

Consumer Duty – from project to practicality

28 Sep 2023: We looked at how to embed the Duty into business as usual – from broad principles to detailed requirements – and ultimately to make the new annual reporting requirement a natural output of your control framework
Consumer Duty - demonstrating 'fair value'

Consumer Duty - demonstrating 'fair value'

31 Mar 2023: Our panel of sector experts discussed different interpretations we have seen, giving examples of fair value frameworks and practical tips for fair value assessments.
Consumer Duty - checkpoint for investment firms

Consumer Duty - checkpoint for investment firms

18 Jan 2023: We looked in detail at how investment firms are progressing with Consumer Duty – where there is consensus, where there is best practice, and what ‘good’ looks like in terms of analysis and management information.
Preparing for the FCA's new Consumer Duty

Preparing for the FCA's new Consumer Duty

15 Sep 2022: A practical and pragmatic view of the new Consumer Duty rules, guiding firms on how they can build on good progress already made, and how to assess the regulators key priorities across the business in order to hit the ground running

Consumer duty and vulnerability – protecting your customers and your business

Consumer duty and vulnerability – protecting your customers and your business

09 Sep 2021: We looked at how firms can take a customer-centric but proportionate approach which balances the regulatory and revenue expectations.

Insights

| Publications

UK Newsletter | March 2024

NEWSLETTER: Spring has sprung and with it the FCA Business Plan for the year ahead. It’s a hefty read packed full of reminders and clarifications, with a theme of hands-on…

| Insights

Weaknesses in retirement income advice uncovered by FCA review

The FCA has published the long-awaited findings from its thematic work on retirement income advice. The review identified a number of concerns within the firms it assessed: only two thirds…

| Insights

Is car finance fallout the ghost of PPI?

In a speech this month, Nikhil Rathi played down speculation that redress for car finance commission issues would be ‘the next PPI’.  He did, however, state that it was “improbable…

| Publications

UK Newsletter | February 2024

NEWSLETTER: As the green shoots of spring start to emerge we are counting down to the deadline for compliance with the FCA’s new anti-greenwashing rule, which comes into effect for…

| Insights

Ongoing services take centre stage in first Consumer Duty review of advice sector

The FCA’s review of advisers’ ongoing services marks its first significant use of the Duty within the advice sector. By focusing on the heart of this business model, the regulator…

| Publications

UK Newsletter | January 2024

NEWSLETTER: The festive holidays seem like a very long distant past, but the FCA cogs kept turning right up to its reflections of 2023 which it issued in ‘betwixtmas’. While…

| Insights

Sale of client banks to trigger ‘reverse due diligence’

The FCA’s new guidance for firms selling client banks creates an interesting role reversal in the world of M&A. A purchaser has always needed to carry out due diligence on…

| Publications

UK Newsletter | December 2023

NEWSLETTER: It should be feeling like the end of term but there seems to be no let up in sight from the FCA yet! Consumer Duty remains firmly as the…

| Insights

FCA letter targets retention of interest

The FCA has issued a Dear CEO letter on the retention of interest earned on cash balances following recent supervisory work. The letter provides further evidence of how the FCA…

| Insights

Advice Guidance Boundary Review puts transformative change on horizon

The UK Government and FCA have published their long-awaited joint policy paper reviewing the boundary between advice and guidance. Although the paper demonstrates their commitment to support and educate consumers,…

| Publications

UK Newsletter | November 2023

NEWSLETTER: Yesterday brought the news we’ve all been waiting for: the FCA’s final policy statement on the Sustainability Disclosure Requirements. Our response to the consultation on behalf of and alongside our…

| Insights

FCA looks to shut stable door on financial promotions

In a year dominated by the implementation of the Consumer Duty, separate regulatory initiatives are being introduced with consumer protection in mind. From 6th November, firms can apply for a…

| Insights

Ensuring remuneration deters poor behaviour

In the past few years, the FCA has shown its determination to ensure that firms embed a culture where good outcomes for consumers are central, as evidenced by the consumer…

| Insights

Wealth manager letter sets stage for tougher supervision

Readers of the latest Dear CEO letter to wealth managers and stockbrokers will note a distinct shift in the FCA’s tone. This is the regulator in combative, sabre-rattling mode for…

| Insights

Value measures data triggers FCA letter to insurers

The FCA has written to all insurers to highlight shortfalls found in their latest ‘value measures’ data, particularly when it comes to Consumer Duty. The letter identifies specific concerns over…

| Publications

UK Newsletter | September 2023

NEWSLETTER: I’m feeling positive about the focus of UK regulation this month. The FCA is looking to protect consumers at all stages of life. Cinema advertising has been added to…

| Insights

Consumer Duty: what good looks like for asset managers

The Consumer Duty may have come into effect at the end of July, but the journey doesn’t stop there. If you’re an asset manager with retail end-investors, you must conduct…

| Insights

FCA letter puts wholesale banks on notice

The FCA’s latest Dear CEO letter to wholesale banks signposts a likely uptick in supervision in the sector and highlights the need to demonstrate your control environment is robust. The…

| Publications

UK Newsletter | August 2023

NEWSLETTER: The 31st of July has come and gone, marking the end of the beginning’ for Consumer Duty. Now expected to become an intrinsic part of how firms do business,…

| Insights

Consumer Duty checklist: three next steps to consider

While the 31 July 2023 implementation deadline may have come and gone, firms are busy putting the changes they’ve made to help deliver good outcomes into practice and embedding into…

| Insights

Clarity crucial before customers ‘take on’ motor finance

The customer ‘take on’ stage is arguably the most important stage in a customer’s journey from when it comes to making sure they get the most appropriate product for their…

| Insights

Better late than never? Preparing for the FCA’s review of retirement income advice

The FCA’s announcement of its thematic review into retirement income advice earlier this year shouldn’t have come as a great surprise to the advice sector. Many of the tell-tale markers…

| Insights

Equity release – revisiting the FCA’s expectations

It’s been almost three years since the FCA last focused on equity release, with the publication in June 2020 of key findings following a review of the Equity Release Sales…

| Insights

Financial promotions – a crisis waiting to happen?

Last year, the number of financial promotions from authorised firms amended or withdrawn by the FCA increased by 1398%. The FCA’s latest financial promotions data shows a significant increase in…

| Insights

Expectations for insurers offering fair value

As we move into May, manufacturers should have finalised their assessments of price and value, passing them to distributors for review and to overlay any additional processes and costs. Distributors…

| Insights

Time for brokers to check in on Consumer Duty

As the new Consumer Duty regime reaches another milestone, it’s a good time for in-scope brokers to check their progress. Wherever you are in your implementation project, there are six…

| Insights

FCA sets out priorities for payments and e-money firms

The FCA’s recent letter to all payments and e-money firms sets out its major priorities to address areas of concern, with actions for all firms to take as levels of…

| Insights

Consumer Duty: clarity at point of sale is key for motor finance

Motor finance providers were one of many sectors on the receiving end of the FCA’s Consumer Duty letters to CEOs this month. And although there has been no shortage of…

| Insights

Disclosure improvements likely for debt consolidation

As the FCA takes an increasingly detailed look at consumer outcomes it’s important to understand where you might need to improve processes in future. When it comes to debt consolidation…

| Insights

Proposed asset managers regime must strike difficult balance

The FCA’s landmark paper on the future of asset management regulation raises the possibility of streamlining the regulatory structure in the UK. Decoupling from the EU-imposed directives, in theory, removes…

| Insights

FCA clarifies Consumer Principle for payments and e-money firms

PSPs and EMIs are the latest firms to get a Dear CEO letter reminding them of their obligations under the new Consumer Duty. The 8-page document gives comprehensive guidance as…

| Insights

Mind the gap: fund manufacturers could fall short of Consumer Duty

In less than three months, manufacturers of funds with end retail investors must have reviewed their products against the Consumer Duty outcomes and shared key information with distributors. April 30th…

| Insights

FCA sends Consumer Duty ‘Dear CEO’ letter to consumer investments firms

Less than a week after releasing the results of its Consumer Duty implementation plan review, the FCA has published a Dear CEO letter to firms in the consumer investments market.…

| Insights

FCA flags Consumer Duty readiness concern

With six months until the final Consumer Duty deadline, the FCA expressed concern this week that some firms are behind in their planning. And only a third of investment firms…

| Insights

The AI future is upon us but how can financial regulation adapt and learn?

The Bank of England, PRA and FCA recently combined forces to produce a discussion paper on the use and regulation of artificial intelligence (AI) and machine learning in financial services…

| Insights

Consumer Duty carries the torch as RDR celebrates ten years

The Retail Distribution Review (RDR) introduced wholesale, and often controversial, changes to the UK’s financial advice sector, reforming the way that retail consumers were offered, paid for, and received investment…

| Insights

CEO letter gives CFD providers until January to act

The FCA’s patience appears to be wearing thin when it comes to CFD firms, with its recent CEO letter threating “swift and assertive action” where it identifies harm. CFD providers…

| Insights

Clock now ticking for new Consumer Duty rules

The FCA’s long-awaited policy statement on Consumer Duty brings into focus the sizeable task firms have ahead of the implementation deadline to prepare for the new rules. The recently published…

| Insights

Dear Chair letter presses for ‘fair and consistent’ outcomes

In the FCA’s recent Dear Chair letter, Boards have been asked to consider the performance of the bank relating to collections and recoveries in the SME sector. Against the backdrop…

| Insights

Life after authorisation for funeral plan firms

From 29 July 2022, if you provide or distribute pre-paid funeral plans, you’ll need to be FCA authorised. Obtaining authorisation from the FCA is just the start of the journey…

| Insights

Credit firms warned not to exploit cost-of-living crisis in latest Dear CEO

The FCA’s latest Dear CEO letter warns 28,000 consumer credit firms that they need to take action now to prevent consumer harm. In a background of increasing concern around how…

| Insights

Weaving Consumer Duty into the fabric of your firm

If you are a regulated firm you will need to show you are meeting the new ‘Consumer Duty’ requirements by April 2023. The second consultation paper, published in December 2021,…

| Insights

FCA to hold itself to account as part of three year strategy

For the first time, the FCA has committed to holding itself accountable against published outcomes and performance metrics. The regulator’s 2022/23 Business Plan, released this week, also committed to bolstering…

| Insights

Consumer duty – what’s new?

The FCA’s Consumer Duty is due to come into effect in April 2023. Although it may be a continuation of what’s gone before, the new Principle gives the regulator teeth…

| Insights

Dear CEO letter to wealth managers and stockbrokers highlights concerns

The FCA’s latest letter to wealth management and stockbroking firms reminds CEOs that they are accountable for fostering a healthy culture and points to areas of potential harm that it…

| Insights

FCA regulation set to shake up funeral plan industry

The FCA has set out hefty new requirements for funeral plan providers when they come under the watchdog’s regulation. The consultation – outlined in CP21/4 closed in mid April with…

We can help

Our specialist teams are working with a variety of firms across the industry to prepare for, and meet the regulators expectations across the four key outcome areas:

– Products and services
– Price and value
– Consumer understanding
– Consumer support

Whether you’re looking for support to assess your current approach, hands-on implementation or advice on tackling specific elements of the Duty, send us a message and a member of the team will be in touch

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