FCA has provided insights from the first year of the implementation of the price and value outcome of the Consumer Duty which is intended to help firms improve the way they think about fair value assessments.  FCA has highlighted the good and poor practice seen in relation to cash savings, GAP insurance and cash on investment platforms, but notes that the findings will be relevant to all firms who need to demonstrate that their products provide fair value to retail cus­tom­ers.

FCA has published an update on the actions taken since the last update in December 2023 and has asked firms to review the examples of good and poor practice.  FCA has also conducted in-depth analysis of the profits made on savings and their contribution to overall firm prof­it­ab­il­ity.

FCA reports that the recent new rules to protect access to cash have come into force and have already had a positive impact in local com­munit­ies.

The consultation paper discusses the current law and makes provisional proposals for reform.  Amongst other matters, this consultation discusses FCA’s role as registrar and its role relating to mutual societies.  It asks whether the lead regulator for charitable community benefit societies should be the Charity Commission or FCA, and proposes that the residential address of an officer should be notified to FCA.  Responses are required by 10 December 2024.

PSR is consulting on a draft statement of policy, which builds on and replaces the draft framework published in February 2024.  Responses are required by 3 November 2024.