On July 29 2022, the Financial Conduct Authority is due to publish the final policy statement for its new Consumer Duty. 

The new Duty is designed to “set clearer and higher standards” for financial services firms to ensure a “higher level of consumer protection in retail financial markets”. 

“For many firms, this will require a significant shift in the standard of care that firms provide to consumers, where they consistently focus on consumer outcomes, and put consumers in a position where they can act and make decisions in their interests,” the FCA wrote.

This paradigm shift is not only a challenge, but an important opportunity to provide better services. 

The Consumer Duty has already been hailed as a “milestone” in the development of Open Banking, Open Finance and Open Data. 

It may also help to change consumers’ attitude to the financial sector, which was reflected in the FCA’s own Financial Lives Survey which found that just 10% of consumers “strongly agreed” they had confidence in the UK financial services industry, with 32% “slightly agreeing”. 

So how can the financial services industry adapt and benefit from the new rules? How will Open Banking and Finance help to ensure good outcomes for consumers and enable financial institutions to comply with the duty? 

We’ll be answering these questions and more at our July Campfire, featuring the following leaders and pioneers: 

Guest Host-

🎤 Carmen Reichman, Multi Media Editor at FT Advisor

Speakers –

⭐️ Vaughan Jenkins, Business Development Director at Moneyhub

⭐️ Jill Jackson, Independent and Non Executive Director

⭐️ Tony Crane at Crane Consultancy

⭐️ Craig Hamilton, Group Director Conduct & Compliance at Phoenix Group

⭐️ Carl Wallis, Compliance & Risk Director at Sesame Bankhill Group

All meeting participants are reminded that this meeting must adhere to competition law rules and, as such, no confidential or commercially sensitive information should be shared directly or indirectly between competitors.

Helen Child, Founder & CEO, Open Banking Excellence