Consumer Duty: How we're doing our duty
Helping you and your business meet your obligations
Now Consumer Duty is here, measuring the outcome of our business, products, services and processes is our collective challenge.
We'll continue to do the right thing by our customers, and work hard to help you understand what Consumer Duty means for you and your clients.
Our Consumer Duty hub is full of useful insights and resources you can use to help your clients. If you have any questions, please speak to your Regional Sales Manager.
Consumer Duty guidance: how we're doing the right thing
Communication is key
We're consistently reviewing our reporting and communications across all our channels, and have updated our collateral on our existing products, services and solutions. We're always working to make our communications understandable and accessible so customers can confidently make informed decisions.
Delivering for our customers
We've performed Value Assessments on all of our products, services and solutions, and we've created Target Market and Client Outcome materials, so advisers can be confident in what they're recommending to their customers. We take our duty to provide excellent care to our customers seriously and you can find out more about how we support vulnerable customers here.
Leading the way in doing our duty
We embed Consumer Duty into everything we do. We're working with industry experts to offer insight on how to do the right thing for our customers and work to lead the way with our insightful webinars and articles.
So what is Consumer Duty?
The FCA wants to build increased trust in the financial services sector. Consumer Duty will set higher and clearer standards for reporting and communicating with individuals in the sector, with demonstrable evidence of how they've acted to deliver good outcomes for their clients.
The FCA policy statement on Consumer Duty can be found here.
The FCA final guidance on Consumer Duty can be found here.
What are the four Consumer Duty outcomes?
Consumer understanding
Making sure firms provide clear information so customers can confidently make informed decisions about financial products and services.
Price and value
Making sure customers pay a fair price for a product or service in relation to the overall value and benefit they receive from it.
Consumer support
Making sure customers are provided with enough information and support to meet their needs throughout their relationship with a firm.
Products and services
Making sure products are designed to meet the target customers' needs, characteristics and objectives.
Our resources to help you deliver for your clients
Our resources to help you deliver for your clients
Consumer Duty marks the beginning of the transformation of Financial Services into a truly customer-focussed industry
Mike Morrow
Chief Commercial Officer
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