Consumer Duty

The new Consumer Principle requires firms to ‘act to deliver good outcomes for retail customers’ but what in-built behavioural biases might they face when trying to achieve this?

Over the last two weeks, we have explored the concept of ‘harm’ under the Consumer Duty and what practical solutions can be implemented to ‘avoid causing foreseeable harm’ but to what extent are firms expected to protect their customers?

Under the cross-cutting rules of the FCA’s new Consumer Duty, firms should seek to avoid causing foreseeable harm at all stages of the customer journey. What practical action can they take to achieve this?

To ‘avoid causing foreseeable harm to retail customers’ is the second of three cross-cutting rules under the FCA’s new Consumer Duty. What is ‘harm’, and how might a firm knowingly or unknowingly, cause harm to their customers?

To “act in good faith towards retail customers” is one of three cross-cutting rules under the FCA’s new Consumer Duty but what does it really mean for firms?

The FCA’s new Consumer Duty introduced three cross-cutting rules. How do they interact with the other elements of the Duty?

Under the new Consumer Duty, what level of responsibility do customers hold for their own outcomes?

With the final details of the Consumer Duty confirmed, how are firms expected to implement the new rules across their products and services?

Last week, the FCA issued its policy statement and finalised guidance in relation to the new Consumer Duty. So, what is required under the new Consumer Principle?