The Consumer Duty comes into effect for new and existing products or services that are open to sale or renewal on 31st July 2023.
The Consumer Duty is designed to set higher and clearer standards of consumer protection across financial services, requiring firms to put their customers’ needs first.
Firms can view the FCA’s Policy Statement and Finalised Guidance in incorporating the Duty into their operations.
Read Plenitude’s latest paper, ‘It’s Your Duty to be (Consumer) Dutiful’, which sheds further light on the FCA’s expectations for businesses to treat customers fairly, ensure good outcomes, and demonstrate appropriate compliance.
https://www.fca.org.uk/publications/policy-statements/ps22-9-new-consumer-duty