The UK's Financial Conduct authority has warned that some are falling behind in their preparation and are failing to address a shortfall in their technology resources
In Brief:
The Duty comes into force in six months, requiring banks and other financial institutions to drastically improve their consumer protection efforts
The FCA has stated that some plans “suggested firms may have considered the requirements superficially or are over-confident that their existing policies and processes will be adequate”
The review notes that some plans "noted a shortfall in budget or technology resource but without setting out plans for addressing this"
What does this mean?
Nelson Wootton, CEO of vendor SaaScada, says: “financial services organisations are being asked to achieve an unprecedented level of visibility, with granular real time insights into customer spending and outcomes so that they can understand customer needs, assess their financial health, and make recommendations effectively.”
We sat down with Michael Nicholls, Principal, Financial Services at EPAM Systems, Inc. to discuss the implications of Consumer Duty in more detail
