Consumer Duty
FCA Consumer Duty
Definition
The FCA's flagship conduct regime requiring firms to act to deliver good outcomes for retail customers across four key areas: products and services, price and value, consumer understanding, and consumer support. The Consumer Duty sets a higher standard than TCF, with an explicit focus on outcomes rather than processes.
Regulatory Context
The Consumer Duty came into force for new and existing open products in July 2023 and for closed products in July 2024. It applies to all firms in the distribution chain, including manufacturers and distributors. The FCA has indicated it is a cornerstone of its supervisory approach going forward.