FCA: Consumer Duty implementation: good practice and areas for improvement
The Consumer Duty came into force for open products and services on the 31st July 2023. The FCA welcomed the improvements made by many firms to deliver better outcomes for their customers. However, some firms are lagging behind.
Under the Duty, firms must act to deliver good outcomes for retail customers. Firms should aim to continuously address issues that risk causing consumer harm.
The FCA have committed to highlight good practice and areas for improvement.
This publication builds on their review of firms’ implementation plans and their fair value frameworks and previous communications. It:
- reminds firms of the consumer outcomes required by the Duty
- sets out recent good practice, including in response to our early supervisory work, to deliver these outcomes
- highlights areas for improvement where firms have more to do
- some of their examples cite particular markets or products.
The article published on the 20th February outlines the next steps and what is expected.
For the full article, please visit the FCA website here.
