Inside FCA Podcast: What the Consumer Duty means for authorisation [pdf]

The Financial Conduct Authority (FCA) has published the transcript of another podcast relating to the new consumer duty. Specifically, this time the transcript includes an interview with the FCA’s Technical Team member Alex MacDermott discussing „what the introduction of the Consumer Duty means for firms seeking authorisations?“
Alex MacDermott thereby describes, among other things,
– the additional information firms will have to provide in the application form to show their ability to comply with the new consumer duty;
– supplementary documents that firms may need to submit to „verify“ their statements in the application form;
– the changes in the application forms themselves;
– the expectations of the FCA as regards the details of the provided information;
– the expectations of the FCA as regards the assignment of duties with respect to the new consumer duty depending upon a firm’s size and business scope;
– the reasons for already changing application forms despite the fact that the new duty won’t come into force until July 31, 2023;
– the circumstances relating to the new consumer duty that may lead the FCA to deny authorization.