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ARTICLE · 08 AUGUST 2023

The New FCA Consumer Duty

Gunnercooke
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On 31 July 2023 the FCA introduced a new Consumer Principle which requires ‘firms to act to deliver good outcomes for retail customers'. The FCA now wants to see regulated...

United KingdomConsumer Protection
Philip Rubens
Philip Rubens

On 31 July 2023 the FCA introduced a new Consumer Principle which requires 'firms to act to deliver good outcomes for retail customers'. The FCA now wants to see regulated firms deliver a higher standard of customer care and protection, and to go further to equip customers to make effective decisions in their interests.

The rules impact all firms which distribute or manufacture products and or services to retail customers. The proposals will require firms to review their product suite, communications and end-to-end customer journey, and to consider changes in areas including governance and accountability, product design, pricing, distribution, servicing and staff training.

There are now a set of overarching cross-cutting rules which develop and amplify the standards of conduct that the FCA expects under the Consumer Principle. A firm must now act in good faith towards a retail customer which includes the obligation to avoid foreseeable harm as well as enabling

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