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ARTICLE · 09 SEPTEMBER 2022

New FCA Principle 12: Consumer Duty

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In July 2022, the Financial Conduct Authority (FCA) issued its final rules on a consumer duty with Policy Statement 22/9,2 along with guidance in Finalised Guidance 22/5.

United StatesFinance and Banking
Helen Marshall
Helen Marshall
Ezra Zahabi
Ezra Zahabi
Joe Hewton
Joe Hewton
Phil Davies
Phil Davies
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Key points

  • The FCA is introducing a new Principle for Businesses, namely Principle 12: "A firm must act to deliver good outcomes for retail customers." Firms will need to assess and evidence how they are acting to deliver good outcomes for their retail customers throughout the lifecycle of the products and services they provide to them.
  • The new Principle and associated rules are far-reaching and designed to lead to a "major shift in financial services", and the time and resources required by firms to demonstrate compliance should not be underestimated.
  • Firms will be required to comply with Principle 12 with respect to all new in-scope products and services from 31 July 2023, and with respect to all in-scope products and services from 31 July 2024. Notwithstanding these dates, the FCA has stated that by the end of October 2022, firm management/boards must have agreed implementation plans.

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