Five key challenges that firms will face in complying with the proposed consumer duty

23rd May 2023 | Blogs, Member News

From 31 July 2023, firms will need to ensure they comply with the FCA’s Consumer Duty. 

The Financial Conduct Authority (FCA) has proposed a new consumer duty that will require firms to prioritise customers' interests and improve outcomes. The Consumer Duty is part of the FCA's 2022-2025 strategy and aims to create a paradigm shift for firms by making them more accountable for their actions.

The proposed rules will apply to all firms regulated by the FCA, including banks, insurance companies, and investment firms.

The FCA has said that it expects firms to embed the consumer duty into their culture and business models, and to demonstrate how they are meeting the new standards.

Click here, to explore the five key challenges that firms will face in complying with the proposed consumer duty.

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Claro Wellbeing is a financial wellbeing provider that offers one-to-one coaching sessions, in-person and remote employee webinars and workshops and access to financial courses and content to support employees financial goals. 

Claro Wellbeing is offered as an employee benefit package that provides accessible financial guidance and educational resources to help employees feel more confident and supported in their roles, boosting engagement and performance, whilst also enhancing a company’s workplace benefits to help retain staff and attract first-rate talent.

Employees can take advantage of the Claro Wellbeing learning and wellness packages by speaking to an expert financial coach about topics that matter most to them including budgeting, buying a house, pensions and investments and managing debt. 

Claro Wellbeing, which has built a community of over 45,000, employs certified coaches that have completed its high-quality training. Claro Wellbeing’s Financial Coach Training Programme has been independently accredited by industry-leading body, The London Institute of Banking and Finance.

The Claro Wellbeing team is made up of a number of banking and tech industry experts, who are dedicated to democratising financial guidance, investment and money management.


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