FCA publishes a customer-facing Consumer Duty page

The FCA has published a new web page announcing the implementation of the new Consumer Duty. The new web page published last week outlines what the new rules mean for customers as well as what they should do if their provider is not meeting these standards.

Alongside this, the FCA has also updated its customer-focused page informing consumers of their rights regarding financial services as well as procedures for issuing a complaint.

It has now been over one week since the Consumer Duty was implemented on 31 July. Under the new rules, customers should expect:

• the right support they need, when they need it
• communications presented in a way they can understand in order to make reasonably informed decisions, and
• products and services that meet their needs as well as offer fair value

Firms should by now be working in line with the new duty, taking steps to be open and honest with customers as well as regularly monitoring and assessing whether current practices are helping towards achieving good outcomes for their customers.

Consumers have a right to complain if:

• they are sold a product that does not meet their needs
• they are unable to contact the firm for support
• they are charged for an extra service but they are unsure what it is
• they receive information from a firm that’s unavailable in a format that they can understand
• they feel they have been treated unfairly or discriminated against due to their vulnerable circumstances or protected characteristic, e.g., race, sex, disability, etc.

‘Assessing Customer Needs’ is our highlighted course of the month for August on the Development Zone. Users of the platform can also access our range of courses on the Consumer Duty to ensure compliance with the new rules.

For those not currently using the system, you can find out more and request a free 14-day trial here: https://mydevelopment.zone/#getStarted