4 min read 13 Oct 22
1) What is likely to form part of the evidence the FCA will ask firms to produce to show adherence to the Consumer Duty rules and guidance?
a. An annual report that has been signed off by the firm’s board, or equivalent management body
b. A list of all customers and whether they have gained or lost money
c. Interviews with all relevant staff to ensure they can spot vulnerable customers
2) To demonstrate that a firm is giving due consideration to the Consumer Duty rules and guidance the report has to be ready at the latest by…
a. The first anniversary after implementation of the rules
b. 31st October 2022
c. 1st January 2023
3) With regard to drawdown advice, a centralised retirement proposition could help you gather evidence for an annual report to demonstrate that you are…
a. Avoiding foreseeable harm by managing future risk
b. Providing value for your clients
c. Identifying the risks of drawdown and how you plan to deal with them
d. All of the above
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