Information and resources to help firms implement and embed the new rules and more on how we're using the Duty to improve outcomes for consumers. More on areas where we've received firm queries. Examples of the Consumer Duty in action. …

2022年8月14日 · The consumer understanding outcome is designed to ensure that firms support and enable consumers to make informed decisions about financial products and services. Firms will be required to provide information consumers need, at the right time, and presented in a way they can understand.

2024年2月22日 · reminds firms of the consumer outcomes required by the Duty; sets out recent good practice, including in response to our early supervisory work, to deliver these outcomes; highlights areas for improvement where firms have more to do; Some of our examples cite particular markets or products.

Key components of the FCA’s Consumer Duty and how it fits with the existing FCA framework. The Consumer Duty is a package of measures comprised of: A new Consumer Principle (Principle 12) that provides a high-level expectation of conduct and associated outcomes.

2022年7月27日 · A new Consumer Principle that requires firms to act to deliver good outcomes for retail customers. Cross-cutting rules providing greater clarity on our expectations under the new Principle and helping firms interpret the four outcomes (see below).

To efectively enact the Consumer Duty, firms must establish clear definitions of “good outcomes” tailored to every customer journey and every product and service. This proactive step helps to remove the prior subjectivity that may have existed in outcome determination.

The Consumer Duty is made up of three key elements: Consumer Principle, Cross-cutting Rules, and the Four Outcomes. The FCA set out in the Principles for Businesses, stating that “A firm must act to deliver good outcomes for retail clients.”

the Consumer Principle. – The Four Outcomes, which are a suite of rules and guidance setting more detailed expectations for a firm’s conduct according to the four specific outcomes that represent the key elements of the firm and its consumer relationships. The Consumer Duty structure Consumer principle Firm should take reasonable steps to:

Implement testing for the four consumer duty outcomes. Ensure your firm meets FCA requirements and provides fair treatment to customers consistently.

Cross-cutting rules providing greater clarity on our expectations under the new Principle and helping firms interpret the four outcomes. Rules relating to the four outcomes we want to see under the Consumer Duty. These represent key elements of the firm-consumer relationship which are instrumental in helping to drive good outcomes for customers.