Consumer Duty
The financial services landscape in the UK has undergone a significant shift with the introduction of the Consumer Duty, implemented by the Financial Conduct Authority (FCA) in July 2023. This landmark regulation marks a new era, raising the bar for consumer protection and demanding a fundamental shift in how firms approach their clients.
The central tenet of the Consumer Duty is enshrined in a new Consumer Principle: firms must act to deliver good outcomes for retail customers. This translates to four key outcomes that every interaction between a firm and its customer should strive to achieve:
The Consumer Duty is not merely a set of boxes to tick, but a call for a fundamental change in how firms operate. It necessitates a deep cultural shift, prioritising transparent communication, customer-centricity, and proactive risk management. Firms must move beyond a compliance mindset and embrace a culture of care and accountability towards their customers.
Consumers can expect a noticeable difference in their interactions with financial service providers. They should enjoy:
While the Consumer Duty brings significant benefits for consumers, it also presents challenges for firms. Implementing it effectively requires:
The implementation of the Consumer Duty is an ongoing process. The FCA will continue to monitor its effectiveness and refine its guidance, ensuring the evolving needs of both consumers and the financial services landscape are addressed. This dynamic approach allows for continual adaptation and improvement, safeguarding the interests of consumers and fostering a healthier, more customer-centric financial ecosystem.
Our law firm has a team of experienced lawyers who specialise in drafting policies which are tailored to a business’s needs. We understand the complexities of Consumer Duty regulations and the importance of having a comprehensive policy in place.
We will provide a bespoke Consumer Duty policy tailored to your specific business needs. Our policy will cover all the necessary requirements of the Consumer Duty regulations. We will ensure that your policy is up-to-date with any relevant changes to the regulations and provide ongoing support to ensure that your policy remains effective.
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