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Consumer Duty - an overview

13 July 2022

The Consumer Duty is the FCA's answer to its stated aims of setting a higher expectation for the standard of care that firms give consumers. The FCA recognises that this will require a "significant shift" in culture and behaviour for "many firms". In this light, the Consumer Duty has been described as being a "paradigm Shift" by the FCA.

The Consumer Duty consists of an overarching principle, three cross-cutting rules and four outcomes. Whilst the final rules are yet to be published, there has already been a number of papers showing the direction of travel. We set out a summary of the key components and help to start identify what each mean in practice. 
The FCA's Consumer Duty - overview
Read our article to find out how the Consumer Duty could impact your firm.
 
The FCA is coming – look busy…!
Individuals responsible for the management of retail financial services firms are understandably concerned to know what the introduction of the Consumer Duty from 1 August 2023 will mean for them personally.
 

More articles in this series

Wealth Management

 
Wealth Management

The Consumer Duty will affect all authorised firms dealing with retail clients; however, the specific affects are going to vary between the different regulated sub sectors. With this in mind, please see below our Consumer Duty articles with worked examples from the wealth management sector.

 

Consumer Credit

 
Consumer Credit

The Consumer Duty will affect all authorised firms dealing with retail clients; however, the specific effects are going to vary between the different regulated sub sectors. With this in mind, please see below our Consumer Duty articles for the consumer/SME funding' sector.

 

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