How can we help you prepare?

We can work with you to design a structure for the Board Report to accommodate the necessary coverage so as to meet FCA requirements and guidance, and to facilitate effective challenge and proper approval by the Board, as well as determine necessary actions arising for the firm on a forward-looking basis. 

We can review and provide challenge in respect of the forward-looking statements within your Board report on how your business plan is compatible with the Consumer Duty.

The outcome of the Board Certification exercise may require adjustments to products and services from a forward-looking perspective and/or the way they are provided to customers; or to the overall business of the Firm. 

To the extent that foreseeable customer harms have been identified, firms will need to comply with new DISP provisions; requiring prompt investigation and (amongst other things) identify the redress and remediation required to be provided to the retail customer(s).

For firms implementing of the Board Certification at the same time as implementation of the Duty for closed products and services, we can provide you with legal support on key challenges, including assessments of ‘vested rights’, contractual terms, customer harm assessments and practical support to mitigate actual or potential harms through variations or migration projects.

We can support you during your engagements with the FCA, considering the use by the FCA of its section 165 power to require information from firms to support its supervisory and enforcement functions. The FCA is now actively supervising against Duty requirements; and it is important that firms anticipate the direction of travel as the FCA learns more from firm engagement across sectors.