Consumy Duty – New FCA Rules
Is your Firm ready for the new Consumer Principles coming into force in July 2023?
- Firms are expected to have planned procedures already in place now. Contact us for guidance and help in ensuring your plans and procedures meet the new rules.
- A new Consumer Principle is coming that requires firms to act to ensure they deliver good outcomes for retail customers.
- The FCA expects Firms to meet four outcomes under consumer duty which are instrumental in helping to drive good outcomes for customers.
These outcomes relate to:
- products and services
- price and value
- consumer understanding
- consumer support
The rules require firms to consider the needs, characteristics and objectives of their customers – including those with characteristics of vulnerability – and how they behave, at every stage of the customer journey. As well as acting to deliver good customer outcomes, firms will need to understand and evidence whether those outcomes are being met.
Who this affects:
This policy and guidance is likely to interest:
- regulated firms, including those in the e-money and payments sector
- consumer organisations and individual consumers
- industry groups/trade bodies
- policy makers and regulatory bodies
- industry experts and commentators
- academics and think tanks.