Consumer Duty

The Consumer Duty (Duty) is the FCA’s standard it expects firms to give to retail customers. Its aims is to ensure consumers of retail financial products are better protected from current and new/emerging drivers of harm. All firms in the customer journey, irrespective of whether you are a manufacturer or distributor of products, will be impacted by the Duty.

The Consumer Duty (Duty) is being seen as the largest regulatory change for 20 years, even more seismic than RDR, as the firm has to demonstrate value, fairness and customer centricity throughout the advice process and beyond. There are impacts on the senior manager regime accountabilities and conduct rules for all staff (a new one is being introduced).

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