Two updates have been issued by the FCA, the first of which outlines the next steps to enhance implementation of the Consumer Duty, which can be found on the following link FS 25/2.
In addition, the FCA has carried out work to assess how firms are supporting customers in vulnerable circumstances.
The NPA recommends that firms read and consider both articles and update your firms Policies and Procedures where necessary. Stephen Atkins has summarised each article, which are available in the members area of the website in the FCA Section - 'Summary of FCA FS 25/25' and 'Vulnerable Customers Mar 25'. If you have any questions please contact Peter Hall in the first instance. We will be providing further information in the final magazine, issued prior to our Annual Conference.
Product Sales Reporting (PSD 008, 008a and 009)
As a reminder, the first batch of report requests have been issued to large firms by the FCA. Firms who have outstanding pawnbroking balances and/or new advances of £20m or more. Those firms who have outstanding balances and/or new advances of £2m or more will be added in the second batch for smaller firms. To be clear if you reach the balance and/or new advance threshold in the given reporting period you will be include in the new reporting request.