The new Consumer Duty came into effect on 31 July. Although many firms will already be fulfilling some of its requirements, it is likely they will need to take some further steps to be compliant.
Products and services
All products and services should be designed to meet the needs, characteristics and objectives of a target group of customers and distributed appropriately.
Price and value
Firms should assess their products and services in the round to ensure there is a reasonable relationship between the price paid for a product and service, and the overall benefit a consumer receives from it.
Firms’ communication should support and enable consumers to make informed decisions about financial products and services. Consumers should be given the information they need, at the right time, and presented in a way they can understand.
Firms should provide a level of support that meets consumers’ needs throughout their relationship with the firm. Firms’ customer service should enable consumers to realise the benefits of the products and services they buy and ensure they are supported when they want to pursue their financial objectives.
Our comprehensive Due Diligence Document can help you prepare for the upcoming Consumer Duty changes and meet the regulator’s deadline.