Consumer Duty Conversations: how financial institutions can meet the new redress and remediation requirements

Join experts from our financial services team, including ex-regulators and an ex-ombudsman, for the first session in our newly launched ‘Consumer Duty Conversations’ series.

Remediation goes hand in hand with doing business in the financial services sector. With increasing regulatory pressure brought about through the introduction of Consumer Duty, the regulatory expectation is that the volume of remediation activity – even in cases where there may not be any complaints - is likely to increase moving forwards as firms embed the Duty and look to meet FCA expectations that they must also ‘do the right thing’. In her first speech as the FCA’s newly appointed Joint Executive Director of Enforcement and Market Oversight, Therese Chambers emphasised that ‘doing the right thing’ sooner rather than later is very much at the heart of the Consumer Duty.

But how should firms look to identify when they may need to take action? What steps should they be taking to ensure that their identification of harm and its causes is robust? What is appropriate action in the context of the Consumer Duty? And how should firms look to engage with the FCA in this process?

Experts from our financial services team, including ex-regulators and an ex-ombudsman, will seek to address these critical questions and shed light on remediation expectations post-Consumer Duty.