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New Year Business Guide - brought to you by APL Media •Wednesday 11 January 2023 ADVERTISEMENT FEATURE


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Finance & legal • 9 ADVERTISEMENT FEATURE


Further changes for the UK fi nancial services markets


The UK fi nancial services industry is going through more changes in the lead up to the implementation of the Financial Conduct Authority’s Consumer Duty. It’s important not to look at the Consumer Duty on its own. Firms must look at the bigger picture to identify the way in which the FCA will expect fi rms to comply with the shiſt created by the Consumer Duty and how the FCA will use these new rules to regulate the industry. The Regulator has been clear that it will take an assertive approach to implementation of the new rules, in particular to fi rms’ plans on monitoring customer outcomes. Firms should take a risk- based approach to implementation,


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AnewConsumer Principle that requires firms toact to delivergoodoutcomes for retail customers.


Cross-cuttingrules requiringfirms toact ingoodfaith, avoidcausingforeseeableharm,andenableand support customers topursue their financialobjectives.


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