Expecting a higher level of customer protection

On 27 July 2022, the FCA published a final rules and guidance Consumer Duty Policy Statement that sets clearer and higher expectations for firms’ standards of care towards consumers. 

The Consumer Duty Policy Statement introduces a new Consumer Principle,  requiring firms “to act to deliver good outcomes for retail customers”. In recognition of the barriers many consumers face to pursuing their financial objectives, the FCA wants to see firms deliver a higher standard of customer care and protection and go further to equip consumers to make effective decisions in their interests.

Here's the FCA's full timeline towards full Consumer Duty Compliance:

Financial Services Firms can expect to face the following challenges:

Read our full guide to the FCA's Consumer Duty Policy