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Dear CEO/Director | Release Date: 3rd March 2023

To read a longer summary of this Dear CEO/Director letter, click here.

To access the original FCA document, click here.

Short Summary

The Financial Conduct Authority (FCA) is actively promoting the implementation of the Consumer Duty within the retail finance sector, aiming to enhance consumer protection through a more outcomes-focused approach. This letter outlines the timeline for adoption, key elements of the Duty, and specific expectations for retail finance providers.

Implementation Timeline Highlights:

Duty Application to Retail Finance Providers:

The Duty applies to all firms influencing customer outcomes, not limited to those with direct customer relationships. Retail finance providers must ensure their products and services are specifically tailored to meet the needs of their target market.

Requirements and Expectations:

Strategic Integration:

Firm leaders are expected to integrate consumer interests deeply into their business strategies and operational practices, ensuring these new standards are reflected in everyday business activities.

Monitoring and Adaptation:

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