Understanding the FCA’s Consumer Duty

The FCA’s new Consumer Duty represents a significant shift in regulatory expectations. This Duty introduces a new Consumer Principle, requiring firms to “act to deliver good outcomes for retail customers,” supported by three Cross Cutting Rules and four key outcomes that define the firm-consumer relationship. These measures provide a clear framework for firms, ensuring they […]

Understanding Consumer Duty: A Comprehensive Guide

The financial services landscape is continually evolving, driven by the need to better protect consumers and ensure fair treatment across the industry. One of the most significant recent developments in this space is the introduction of the Consumer Duty by the Financial Conduct Authority (FCA). This regulatory framework is designed to ensure that financial firms […]

Governance Frameworks and Structures

The new Consumer Duty emphasises the high standard of care that firms must provide to their clients. This expectation is designed to impact a firm’s culture and behaviours, particularly in terms of governance and decision-making processes. Governance structures are essential for achieving and maintaining compliance with the Consumer Duty. These structures must include seniority and […]