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Consumer Duty
The Financial Conduct Authority (FCA) are introducing a new set of rules to further protect consumers in the financial industry. These are due to be implemented from July 2022. The FCA have set out clear standards for how firms will need to consistently focus on consumer outcomes.
These three elements show how the new Consumer Duty is structured, it moves the overarching regulatory framework from a ‘principles’ based approach to a ‘rules’ based approach.
1. Consumer principle
Firms must act to deliver good outcomes for customers
2. Cross-cutting rules
Firms must:
- Act in good faith towards customers
- Avoid foreseeable harm to customers
- Enable and support customers to pursue their financial objectives
3. Four outcomes
- Products and services
- Price and value
- Consumer understanding
- Consumer support
Support
We have a suite of support to help you in preparation for the new rules coming in to force.
- A new customer duty – but what will it mean for advisers?
- Regulatory landscape webinar
- FCA Consumer Duty – a closer look at the four outcomes. Outcome 1: Products and Services
- FCA Consumer Duty – a closer look at Outcome 2: Price and Value
- FCA Consumer Duty – a closer look at the four outcomes. Outcome 3: Consumer Understanding
- FCA Consumer Duty – a closer look at the four outcomes. Outcome 4: Consumer Support
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