Both the Prudential Regulation Authority (the PRA) and the Financial Conduct Authority (the FCA) rely on data for supervisory purposes and Nikhil Rathi, Chief Executive of the FCA, has said that “Data is the lifeblood of a modern regulator and in the next five years, we expect to become as much a regulator of data […]
Tag Archives: consumer duty
Qualitative information and data-driven regulation
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Also tagged data, data analytics, data science, FCA, metrics, PRA, qualitative data, qualitative information, quantitative data, regulatory reporting, reporting
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THE CONSUMER DUTY ANNUAL REPORT: POINTS FOR BOARDS TO CONSIDER
For firms subject to the Consumer Duty, the first annual report is on the horizon and a firm’s board of directors will need to review and approve the report, provide confirmations, carry out assessments and agree actions. The process involves more than simply reviewing and approving a document. The Financial Conduct Authority (the FCA) will […]
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Also tagged board of directors, boards, Consumer Duty annual report, Consumer Duty monitoring, consumer outcomes, retail customers, strategy
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FCA STRATEGY FOR CONSUMER LENDING – DEAR CEO LETTER OF 20 MARCH 2024
In a Dear CEO letter issued on 20 March 2024[1], the Financial Conduct Authority set out its agenda for the next two years for three portfolios in the consumer lending market: high-cost lending; mainstream consumer lending; and credit unions. The FCA says that A significant part of our supervisory activity over the next two years […]
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Also tagged access to credit, affordability, boards, complaints-handling, consumer lending, consumers, cost of living, Dear CEO letter, FCA, governance, vulnerable customers
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