What are the new Consumer Duty requirements? - kpmg.com
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. A set of overarching cross-cutting rules which develop and amplify the standards of conduct that the FCA expects under the Consumer Principle.
In order to help support firms meet their Consumer Duty requirements, we have used a number of examples, templates and suggested structures that firms may find useful. The purpose of this paper is to help firms get started on developing a suitable framework for implementing the Consumer Duty.
Consumer Duty and the Importance of Testing Consumer Understanding
What is meant by consumer understanding? The consumer understanding outcome requires all financial businesses to work on a basis of clarity. This means ensuring that all customer communications are not only easily comprehensible and free from jargon but genuinely answer the needs of the customer.
How their customers are making decisions – proactive and inactive? What their customers rely on to make those decisions? What are they reading / not reading? Who are they talking to? What helps/hinders them in making good decisions? Looking at the choice architecture – does it influence particular outcomes and if so, are those good outcomes?
Consumer Duty implementation: good practice and areas for …
2024年2月22日 · The Duty raises the standard of care for all consumers. And our guidance on the fair treatment of vulnerable customers (FG21/1) sets out what firms should do to ensure that those customers’ outcomes are as good as those for other consumers.
The introduction of Consumer Duty by the Financial Conduct Authority (FCA) is a real opportunity for firms to recalibrate and to understand what they need to do to be more customer-centric, agile and in-tune with their customers. This white paper explores Consumer Duty, looking at ways in which firms can take the necessary steps to improve and to
Consumer Duty | FCA - Financial Conduct Authority
Our Consumer Duty sets higher and clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first
The four consumer outcomes - DLA Piper
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.
In this latest article in our series, we discuss how firms in the wealth management sector can approach financial promotions and communications in the context of the incoming Consumer Duty.
Consumer Duty: navigating the Consumer Understanding …
2023年2月23日 · Under the new Consumer Understanding Outcome, firms in scope of the Consumer Duty must support retail customer understanding so that all communications meet the information needs of...