Financial Conduct Authority's Consumer Duty TechSprint

16 Jun 2023 12:22 PM

The Financial Conduct Authority (FCA) is holding its three-day Consumer Duty TechSprint covering the operational experiences towards consumer data integration of the sector's innovative solutions.

Occurring at 12 Endeavour Square, London, E20 1JN, on 11 between 12 and 13 July 2023 a key part of the Duty is that firms assess, test, understand and evidence the outcomes their customers are receiving. Without this, it will be impossible for firms to know they are meeting the requirements set out in the Consumer Duty. 

The Consumer Duty rules include;

• A new Consumer Principle that requires firms to act to deliver good outcomes for retail customers;
• Cross-cutting rules provide greater clarity on our expectations under the new Principle;
• Rules relating to the four outcomes the FCA want to see under the Consumer Duty. These represent key elements of the firm-consumer relationship which are instrumental in helping to drive good outcomes for customers:
  • products and services   
  • price and value    
  • consumer understanding   
  • consumer support 

A key part of the Duty is that firms assess, test, understand and evidence the outcomes their customers are receiving. Without this, it will be impossible for firms to know that they are meeting the requirements set out in the Consumer Duty. 

This TechSprint is centred around 3 problem statements;

• Problem Statement 1: How can consumer data from open finance sources be integrated into technological solutions to help firms identify (and provide solutions for) poor consumer outcomes, especially in retail lending, banking, and payments?
• Problem Statement 2: What technological solutions can help address the challenges around consumer consent regarding the use of their data?
• Problem Statement 3: How can consumer data from open finance sources be integrated into technological solutions that help consumers to help themselves, especially in retail lending, banking, and payments?

For the purposes of this TechSprint, the FCA encourages participants tcchUK members to take a broader, flexible approach to the problem statements and to be as innovative as possible.

You can view the participation pack and the Sprint's full details here.

techUK members can apply for a place within this Sprint by 25 June 2023. The FCA has s limited availability on the TechSprint and will notify applicants on the status of their application shortly after registration has closed.