Consumer Duty

How firms can prepare for the new Consumer Duty

While the FCA’s consultation currently proposes April 2023 as the implementation deadline, Themis Consultancy’s interpretation of the FCA guidance requires firms to start thinking about the following before that date, ideally in H2 in 2022:

  • Identification of distinct groups of customers
  • Consideration of product design (bearing in mind the distinct groups of customers)
  • Review of communication and customer service approach
  • Challenge on price and value
  • Monitoring outcomes

How we can help

Themis Consultancy can provide a range of support options from a single advisory session to a comprehensive and practical support package, including:

  • Guidance on identification of distinct groups of customers
  • Support in:
    • the design and delivery of a gap analysis for priority areas (product design, communications, customer service, product price and value)
    • the creation of action plans
    • the review of existing governance, monitoring & data capabilities
    • the review of product(s) and journey mapping
    • the preparation of board and staff awareness packs / training
  • Retained services for ongoing advice and support