This article provides information on the Consumer Duty and offers suggestions for complying with the rules and outcomes. We have put the FCA Consumer Duty guidance into simple to read sections and have included controls and tools for adherence to the Duty requirements. What is The Consumer Duty? The FCA’s Consumer Duty (“the Duty”) came […]
Consumer Duty Speech Nisha Arora, Director of Cross Cutting Policy and Strategy at the FCA delivered a speech last week at the Deloitte: Consumer Duty – Next Steps event. It’s been 3 months since the Consumer Duty came into force and the FCA are keen to emphasise that this is still one of their key […]
What is the Consumer Duty? Knowing how to write a product approval process is an essential function for the FCA’s latest retail market rules. The Consumer Duty (‘the Duty’) came into force on 31st July 2023 for new and existing retail products and services. The Duty only applies to retail market customers and aims to […]
Who Are Vulnerable Customers? The FCA define a Vulnerable Customer as: – “Someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care.” In their Approach to Consumers guidance paper, the FCA notes four factors that can act as drivers to actual […]