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Practical analysis on embedding Consumer Duty, evidencing good outcomes, board reporting and distribution chains.
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Firms applying for authorisation whose activities are in scope of the Duty must prove in their application that they can comply with it. The FCA says the Duty moves beyond compliance checklists towards embedding fairness, transparency and customer-centricity into every interaction.
The Consumer Duty sets the standard of care firms should give to retail customers. It rests on a consumer principle, three cross-cutting rules and four outcomes covering products and services, price and value, consumer understanding and consumer support. Smaller firms are expected to deliver the same good outcomes, with the Duty applied in a way that fits their size and customer base.
Sources: About the Consumer Duty · Consumer Duty information for firms · PRIN 2A.1 Application and purpose · PRIN 2A.2 Cross-cutting obligations
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The Consumer Duty took effect on 31 July 2023. What firms should be doing now that the FCA's focus has moved from implementation to outcomes.
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How to test Consumer Duty outcomes rather than just collect MI: defining good outcomes, setting and explaining thresholds, acting on results and showing the change worked, using the FCA's 27 July 2026 review.
CP26/23 proposes targeted changes to Consumer Duty scope. Mixed retail and wholesale firms should separate the live Duty from changes still under consultation.
How boards can transform Consumer Duty monitoring data into clear evidence of customer outcomes, meaningful challenge and accountable actions.
How the Consumer Duty applies across complex distribution chains and whether wholesale markets fall within it, with the changes proposed.
The Consumer Duty took effect on 31 July 2023. What firms should be doing now that the FCA's focus has moved from implementation to outcomes.
A guide to the Consumer Duty: the biggest shift in FCA expectations since Treating Customers Fairly, and how firms embed its requirements.
The Financial Conduct Authority (FCA) has highlighted its focus on ensuring good consumer outcomes in its latest Business Plan, selecting 'putting consumers' needs first' as one of its four priority areas for the upcoming year. This comes in response to the ongoing cost of living crisis, and the FCA is committing additional resources and headcount to Consumer Duty-related activities.
On 1 March 2023, the FCA released a portfolio letter titled "Implementing the Consumer Duty in the Motor Finance Providers Portfolio." The letter highlights the need for a more consumer-focused approach and emphasises that CEOs or directors should personally focus on implementing the Consumer Duty.
A financial promotion is any advertisement, communication, or other material that promotes a financial product or service. Financial promotions can take many forms, including print and online advertisements, marketing emails, social media posts, and sales presentations.
FG21/1 remains the FCA's guidance on vulnerable customers, and the Consumer Duty now requires outcomes monitoring. This guide covers the four drivers, firm actions, MI and the FCA's 2025 review findings.
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