The FCA published their policy paper ‘A new Consumer Duty’ in July 2022 and this becomes law from 31 July 2023.
The PASA Board agreed the Consumer Duty topic was of sufficient depth to require separate working group to take the subject forward.
The purpose of the CDWG is to develop PASA’s position on the new Consumer Duty regulations, by:
- Identifying specific legislative, regulatory or process changes required to support the delivery of Consumer Duty
- Creating relevant Guidance for trustees, providers, administrators and sponsors
- Responding to relevant consultations
- Exploring the regulations, identifying what these responsibilities mean for trustees, providers, administrators and sponsors and understanding the outcomes we should be working towards
Chris Tagg (Board sponsor)