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The FCA’s new consumer duty could affect FCA regulated investors in asset backed financings of products offered to retail customers
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The policy statement and final guidance on the consumer duty published on 27 July 2022 by the UK’s Financial Conduct Authority (FCA) set out a new Principle for Business for regulated firms, new cross-cutting rules and detailed expected outcomes that these rules and the new principle should have on retail customers (together the “Duty”). The Duty has multiple implementation stages with the key dates being: (i) 31 July 2023, when the Duty will apply to all new products and services and existing products and services that are open to sale or renewal; and (ii) 31 July 2024, when the Duty will extend to all closed products and services. This article explores some practical considerations for FCA regulated investors in asset backed financings (Investors) of products offered to retail customers when determining whether the Duty applies to them.
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