"Am I treating my customers as I would expect to be treated?"
"Are my customers getting the outcomes from my products and services that I would expect?"
The proposed Consumer Duty will set clearer and higher standards for the culture of firms and the conduct the FCA expects. This will have impact on all retailers offering consumer credit on their products.
A new Consumer Principle will reflect the overall standards expected from firms in retail financial markets. The consultation covers two possible options for the Consumer Principle:
1. A firm must act to deliver good outcomes for retail clients.
2. A firm must act in the best interests of retail client.
The FCA consultation will run until 31st July this year. Until then, we'll bring you further updates on the full suite of rules & guidance that are proposed. However, if you want more information on how this might impact your business in advance of that timescale - contact one of our experts today.