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Newsletter
Corterum Team

Corterum Newsletter: May 2024

Welcome to May’s edition of the Corterum Newsletter. This month sees new initiatives from the FCA, plus updates on the Consumer Duty Board Report. Read on

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Consumer Duty
Michael Beaton

Board obligations

General A firm’s board or equivalent governing body is responsible for ensuring that the Consumer Duty is properly embedded within their firm.  Senior managers will

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Consumer Duty
Michael Beaton

Product review

A manufacturer must regularly review its products taking into account any event that could materially affect the potential risk to the target market. At the

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Consumer Duty
Michael Beaton

Product support

General The FCA believes that consumers can only pursue their financial objectives and act in their own interests where firms support them in using the

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Consumer Duty
Michael Beaton

Product communications

General Consumers can only be expected to take responsibility (and therefore pursue their financial objectives[1]) where firms’ communications enable them to understand their products and

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Consumer Duty
Michael Beaton

Product distribution

Firms are product distributors if they offer, sell, recommend, advise on, arrange, deal, propose, or provide a product or service, including at renewal.[1] Obligations of

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Consumer Duty
Michael Beaton

Product approval

Approval of open products With respect to any new product manufactured on or after 31 July 2023, or any existing product, a product manufacturer must

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