Financial services businesses have less than eight weeks until the FCA’s (Financial Conduct Authority) new Consumer Duty regulations come into force on 31 July 2023. Leading audit, tax and consultancy firm RSM UK has appointed a dedicated Consumer Duty expert to support financial services clients with the new rules, which represents the most fundamental regulatory change programme for the financial services industry since TCF (Treating Customers Fairly) principles were introduced in 2006.
It is in this context that Michael McCormick will join RSM’s London office on 12 June 2023 as managing consultant from the Financial Conduct Authority, where he was a senior associate within the retail banking and payments supervision division, responsible for advising international and specialist retail banking clients on conduct risk, operational resilience, and governance. At RSM McCormick will be responsible for advising a broad range of financial services clients on how to ensure compliance with the new rules.
RSM UK partner, Catherine Brittain, said: “We know from recent client feedback that short timescales and a lack of clarity and guidance are the main concerns for our financial services clients. Michael’s experience at the FCA will be invaluable in supporting them with understanding and implementing the new Consumer Duty regulations.”
Commenting on his appointment, McCormick added: “I am thrilled to be joining RSM at a time when I can make a real difference for financial services businesses and their customers. As the new Consumer Duty regulations are mandatory, it’s critical that businesses are fully aware of, and compliant with, these rules, yet with less than eight weeks to go, many are still struggling and need our support to meet the requirements.”
The core expectations of the FCA’s new Consumer Duty regulations include; ensuring customers can understand the products to make an informed financial decisions, ensuring products and services are offered that best meet their needs, and making sure the price charged is reasonable for the benefits the product offers.