12 Months On From The FCA Consumer Duty Launch

It's been a year since the Financial Conduct Authority (FCA) introduced the Consumer Duty, a regulation aimed at reshaping the way financial services firms operate and engage with their customers. With its focus on delivering better outcomes for consumers, the Duty has required firms to rethink their practices, ensuring that their services are fair, transparent, and supportive.

The Consumer Duty set out to create a framework where firms must consistently act in the best interest of their customers. Over the past 12 months, financial institutions have been adjusting their operations to meet these new standards, with varying degrees of progress.

One of the most noticeable changes has been in how firms respond to changes in the market. For instance, in response to a series of base rate increases, many firms were quick to adjust the interest rates offered on savings accounts. Between July 2023 and February 2024, while the base rate increased by 0.25 percentage