Litigation Risk and the FCA’s Consumer Duty proposals in CP 21/13: what does my firm need to think about?

The Consumer Duty series

In this series of articles, we explore some of the topical issues raised by the FCA’s recent Consultation Paper on “A New Consumer Duty” (CP21/13)  and its potential practical implications on firms. The FCA has sought responses to CP21/13 by 31 July 2021: the clock is therefore ticking for firms to make their views known. The FCA’s proposals are expected to be in force by 31 July 2022 and in this article we consider some possible consequences for firms if they get it wrong, looking at the potential for action by the FCA and by customers.

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