Consumer Duty: Evidence, Enforcement and the FCA’s AI Future
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Consumer Duty: Evidence, Enforcement and the FCA’s AI Future
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In this episode, Vicky Pearce and Rachel MacRae discuss:
• The FCA’s review of the Consumer Duty products and services outcome and what good practice looks like in product governance
• Common weaknesses identified by the regulator, including target market definition, vulnerable customer support and distribution oversight
• The FCA’s increasing focus on evidencing good customer outcomes rather than simply demonstrating processes
• The regulator’s escalation of Consumer Duty supervision and enforcement activity, including live investigations and intervention powers
• The findings of the Mills Review and the growing role of AI, including governance, accountability and algorithmic risk considerations
• A new PIMFA and Macfarlanes guide on information sharing to help firms tackle economic crime
As regulatory expectations continue to evolve, firms are being challenged to demonstrate not only that they have controls in place, but that those controls are delivering measurable outcomes. This episode explores what those expectations mean in practice and highlights key developments firms should have on their radar.