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ARTICLE · 10 FEBRUARY 2023

UK Consumer Duty – What's The Plan And Is Yours Ready?

Herrington Carmichael LLP
Herrington Carmichael LLP
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Herrington Carmichael LLP

Herrington Carmichael LLP

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On the 25th January 2023, the FCA announced that they had reviewed a sample of Consumer Duty implementation plans from the largest financial services providers...

United KingdomConsumer Protection
Mark Chapman
Mark Chapman
Olivia Larkin
Olivia Larkin
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On the 25th January 2023, the FCA announced that they had reviewed a sample of Consumer Duty implementation plans from the largest financial services providers – highlighting both strengths and weaknesses.

The findings published commented on how well the plans are doing in adhering to the Consumer Duty principles, whether these have been flowed through to their plans and what areas they need to work on.

Smaller institutions should use this feedback to reflect on how well their own plans are progressing to avoid facing issues as the deadline date approaches.

What is Consumer Duty?

Consumer Duty is a new set of principles created by the Financial Conduct Authority which govern how firms must act to deliver positive outcomes to retail customers. Such outcomes relate to the products & services, price & value, consumer understanding and consumer support.

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