Insights & News
Read our latest news, updates and industry insights.
Consumer Duty is coming soon
Why, when and what do you need to do?
The FCA wants to see transformational change in the way financial services firms manage product governance, as part of the new Consumer Duty policy.
With Consumer Duty sitting firmly in the fiduciary accountability box, and the costs of effectively evidencing product lifecycle management increasing, firms that are unable to evidence adequate controls may need to raise regulatory capital allocations in the future.
The finalised guidance was published in July 2022, with an implementation deadline of 31 July for new and existing products. This leaves firms with a short window to get compliance right.
What questions should you ask now, so you can comply in time? We answer these questions and more in our white paper, FCA Consumer Duty: Mandating a strategic and evidential approach to financial product governance.
Achieving Consumer Duty Compliance
Kore’s Managing Director, Josh Blundell and Strategic Adviser, John Liver discuss the roadmap for the next 3 months.
We are now in the run up to the main rules which come into force on 31 July 2023 for existing products and services, meaning those available for sale to new customers, or available for renewal by existing customers.
The immediate deadline firms must consider is 30 April 2023, when they must have finished their review of existing open products.
Consumer Duty success is firmly anchored in data-backed evidence. Firms must be in a position to evidence their actions – and to prove that these are making a positive impact for Customers, with due regard to Vulnerable Customers and Training and appropriate Communications.
John and Josh discuss here what Boards and those in positions of Supervision must be considering and the actions that the firms need to be delivering on to evidence their engagement with the requirements of the Consumer Duty Regulations.
Consumer Duty Compliance
Boards must have an implementation plan for Consumer Duty compliance in place by the 31st of October. In this three-minute video Consumer Duty expert, John Liver discusses the 4 key areas that boards need to be considering to get aligned on the new Duty, with Kore’s Managing Director, Josh Blundell.
Kore’s unique Product Relationship Management as-a-service platform (PRM) gives a real-time, single view of product data, decisions, events, and documents. FinTech capabilities like Kore’s, are going to be vital to ensure firms can consistently meet the Consumer Duty requirements.
To learn how Kore can help you be ready for Consumer Duty compliance and simplify your Product Management, contact us.
Latest insights & news
We are finalists!
We are happy to share that our work with Intesa Sanpolo has been shortlisted as Finalists, alongside some great competitors, in the Best use of RegTech category by the FinTech Futures Banking Tech Awards.
To find out more about the other 2022 Bakning Tech Award Finalists, click here:
Following an in-depth judging process, involving scores of applicants, Kore is thrilled to have been awarded one of just five places on The Investment Association’s 2022/2023 IA Engine Innovator accelerator programme. Places are awarded by the 27-strong IA Advisory Panel of investment industry experts. As a member of Cohort 5 Kore will be front and centre of the IA’s initiative to showcase our financial product governance solution to the investment management community and support our growth.
Our CEO Sabrina Del Prete has been selected for the Women in FinTech Powerlist 2021, which attracts hundreds of nominees every year. Her listing in the Senior Leaders category, for the second year running, recognises her immense contribution to FinTech and exceptional performance as a business leader.