Consumer Duty

What is Consumer Duty?

The FCA have introduced new rules and guidance which provide a higher level of protection for customers. The new Consumer Duty ensures that firms are acting to provide good outcomes for their customers and appropriately protecting them from harm.

This means all firms need to demonstrate that they are offering fair value for products and services, offering suitable products and services that help customers pursue their financial objectives, and ensure customer understanding alongside providing access to support.

Through its four required outcomes, Consumer Duty means all firms need to clearly make sure:

• customers receive understandable communications;
• customers are offered products and services that meet their needs;
• products and services provide fair value; and
• customers can access support when they need it.

Please note our fair value templates for our intermediary partners are detailed below.