The Consumer Duty is one of the most significant changes to our regulatory approach in recent years. It has been in force for open products and services since 31 July 2023, and for closed products and services since 31 July 2024.

The FCA outline the priorities under the Consumer Duty for the remainder of 2024/25.

Affected stakeholders will largely be aware of these initiatives, but we are producing this in response to industry feedback that it would be helpful to show our Consumer Duty areas of focus in one place.

The FCA have given a short description of the work and expected timelines. Timelines may change, for example, because we need to prioritise new and emerging consumer harms. We also keep these areas under review as pressures emerge on specific sectors or the industry as a whole.

Prioritised initiatives:

• sharing more information on good and poor practice and our expectations will benefit industry and help drive better outcomes.
• the greatest need to act to address harm – or potential for harm – due to the size or urgency of that harm.
• more data to improve our understanding of the way the Consumer Duty is being embedded.

Based on this prioritisation, we have 4 focus areas for the rest of 2024/25:

1. Embedding the Consumer Duty and raising standards
2. Enhancing understanding of the price and value outcome
3. Sector-specific priorities
4. Realising the benefits of the Consumer Duty

For further information and to read the full publication, click here.