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Consumer Duty Compliance

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:

FCA Consumer Duty Milestones timeline

Financial Services Firms can expect to face the following challenges:

FCA Consumer Duty Challenges

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

Do you need guidance towards Consumer Duty compliance?

We can help

The path to Consumer Duty compliance requires all regulated firms to undertake detailed documentation of all decisions made together with recommended actions.

FourthLine can help by being your trusted support partner. We offer the following:

FCA COnsumer duty advisory support options

 

Read about our risk & resilience approach

Find out more about our Consumer Duty Support Options

The FCA's Consumer Duty Videos

Consumer Duty Part 1
What should you be doing right now?
Consumer Duty Part 2
Fair Value Assessments considerations
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Kieran Maplesden

Kieran Maplesden

Managing Director
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