Little over a week ago Harry Eddis, Clare McMullen, Arjun Lakhani, Michael Fatungase, Olivia Murphy and I took to the microphone and recorded our Consumer Duty webinar for Retail / Challenger banks and Payment firms. Running through the application of the CD to BNPL providers, merchant acquirers and those offering white label products, we discussed some of the challenges and potential pitfalls relevant to these types of firms.
If you missed out, listen now to the recording.
Do not fear if this isn't your sector, we have run a whole mini-series that you will shortly be able to view on our Consumer Duty webpage.
...it is the application of the outcomes that will be key. However, in taking steps to comply with the outcomes firms will need to take judgment calls as to what they consider “good” will look like for their business. This is because the FCA have not been very prescriptive and the new rules have been developed through a mass-market retail lens, so payments firms will need to give some thought as to how the outcomes are relevant to their business models.