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ARTICLE · 28 APRIL 2025

The Consumer Duty

ISOLAS LLP
ISOLAS LLP
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ISOLAS LLP

ISOLAS LLP

ISOLAS is a leading international law firm with its headquarters in Gibraltar. Established in 1892,...

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Consumer Duty (or alternatively, the ‘Duty') is a significant step forward in the evolution of financial services regulation, with its priorities focused on enhancing the protection...

United KingdomFinance and Banking
Emily Pott
Emily Pott
Marcus Killick OBE
Marcus Killick OBE
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THE CONSUMER DUTY: OUTCOME AND IMPACT OF THE GFSC REVIEW

Consumer Duty (or alternatively, the 'Duty') is a significant step forward in the evolution of financial services regulation, with its priorities focused on enhancing the protection, and fair treatment of consumers. Following its implementation by the Financial Conduct Authority in the United Kingdom firms regulated by the Gibraltar Financial Services Commission (the 'GFSC'), which are offering services to customers in the United Kingdom, are caught by this Duty. In support of this, the Gibraltar Government introduced the Financial Services (Core Principles and Consumer Duty) Regulations 2024, which requires the delivery of good outcomes for retail customers, in particular, by acting in good faith towards these customers, avoiding foreseeable harm to them; and enabling and supporting them to pursue their financial objectives.

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