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The National Franchised Dealers Association (NFDA) is offering members support and guidance on the new Consumer Duty, which comes into force on 31 July 2033.
The Financial Conduct Authority (FCA) intends for the new Duty to increase levels of consumer protection in retail financial services markets, whilst aiming to promote a healthy environment for firms to thrive.
NFDA CEO Sue Robinson said dealers need to act now to ensure they were up to speed with the new rules.
“NFDA runs an informed and structured Finance & Insurance group and is working closely with the FCA to ensure businesses are well equipped and prepared for the enhanced changes to the consumer duty.
“With your NFDA Membership, franchised dealers are offered the correct support and guidance through this transitionary period, ensuring that retailers are regulatory compliant.
“NFDA offers structured guidance, implementation plans, SWOT analysis and GAP analysis to support retailers’ appointed representation.
“If your appointed representation would like to receive or discuss any of the documents, or require assistance with the new Consumer Duty Implementation, please contact the NFDA directly.”
The Consumer Duty is about cultural change in firms that puts the customer at the heart of the business.
It will build on the existing ‘Treating Customers Fairly’ principle, but it will be more wide reaching and encompassing.
The cross-cutting rules are high level and not specific, allowing for interpretation and flexibility in how individual firms implement them.