Corterum newsletter: March 2024
Welcome to the March edition of the Corterum Newsletter. Time has flown, and we’re already a quarter of the way into 2024. The past month
Get the latest SMCR news, Corterum feature releases and analysis from our experts.
Welcome to the March edition of the Corterum Newsletter. Time has flown, and we’re already a quarter of the way into 2024. The past month
General The FCA’s Financial Lives 2020 survey showed that in February 2020 46% of UK adults (24.1 million people) had characteristics of vulnerability. By October
What is a “target market”? A “target market” is a group or groups of customers sharing common features whose characteristics, needs and objectives a product
Under the “products and services outcome”, products and services must meet the needs, characteristics (including characteristics of vulnerability[1]) and objectives of an identified target group
The entire Consumer Duty is underpinned by the concept of reasonableness. This is an OBJECTIVE test. It means that the rules and guidance laid down
The Consumer Duty applies to products and services offered to “retail customers”. What EXACTLY do we mean when we refer to a “retail customer”? Actual
The Consumer Duty applies to the regulated activities and ancillary activities of all firms authorised under the Financial Services and Markets Act 2000 (FSMA), the
The “four outcomes” are elements of the firm-consumer relationship which the FCA considers to be instrumental in helping to drive good outcomes for consumers. They
The purpose of the cross-cutting rules is to provide guidance on the new Principle 12. The cross-cutting rules set out how firms should act (proactively
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