Consumer Duty readiness for a specialist claims firm, ahead of the deadline
A specialist claims firm did most of its work outside FCA regulation and needed to know how the Consumer Duty applied to it. MEMA mapped the Duty to its business and delivered a gap analysis before the rules came into force.
- 12 daysAhead of the Duty's deadline
- All fourConsumer Duty outcomes mapped
The challenge
Most of the firm's work was unregulated and came through professional referrals, alongside FCA-regulated claims management. It needed to know how far the Consumer Duty reached into its business before 31 July 2023.
Regulatory context
The Consumer Duty applied to existing products and services from 31 July 2023. Firms had to evidence good outcomes on products and services, price and value, consumer understanding and consumer support, and consider how their unregulated activities could affect how customers see the regulated ones.
What we did
- Assessed where the firm's activities could conflict with the Duty
- Mapped the four Consumer Duty outcomes to the business
- Considered how its unregulated services could affect customers' view of its regulated ones
- Delivered a gap analysis and implementation plan
- Followed up with a review of its complaints handling
- Duty review and outcome mapping5 weeks
- Gap analysis and implementation planBefore 31 Jul 2023
- Complaints handling reviewAug 2023
The outcome
A gap analysis and implementation plan in place before the Consumer Duty came into force.
Gap analysis and implementation plan delivered 12 days before the Duty came into force.
Client details are presented to protect confidentiality. Outcomes reflect specific engagements and are not a guarantee of results, as every firm's circumstances differ.
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