The experts discuss what the FCA's new Consumer Duty is, and which retailers will be impacted by its introduction. As part of their discussion, they provide practical advice on what FCA authorised retailers need to be doing between now and the July 2023 deadline, including:

• The importance of creating an internal working group and obtaining senior buy-in;
• How retailers should start the process of reviewing their financial services activities to identify what changes need to be made prior to the July 2023 deadline; and
• The importance of having discussions with any lender or insurer the retailer works with as early as possible.

Even though the implementation process might seem quite daunting and time consuming, the experts also go on to discuss how retailers can use the process of preparing for the Consumer Duty in a positive way that will benefit the business.