Consumer Duty applies to all companies that sell financial products or services to retail customers

Consumer Duty

 

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.
  • 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.

 

What does Consumer Duty mean for you?

Consumer Duty applies to all companies that sell financial products or services to retail customers, and involves making sure that:

 

  • Customers get clear, easily-understood communications as soon as they need it
  • Products and services meet customers’ needs
  • Products and services offer fair value
  • Customers are given the support they need

 

Companies will be required to make regular reports to their board to ensure these outcomes are being met.

 

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How LS Consultancy help firms meet Consumer Duty

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