Tag Archives: Consumer Principle

The Consumer Duty – the cross-cutting rules

There are three parts to the Consumer Duty: The Consumer Principle – a high-level standard setting out the behaviour the Financial Conduct Authority expects to see from firms when dealing with consumers and in the retail financial services market. Cross-cutting rules – overarching requirements that set standards of conduct across all areas of a firm’s […]

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The Consumer Duty – the Consumer Principle

There are three parts to the new Consumer Duty: The Consumer Principle – a high-level standard setting out the behaviour the Financial Conduct Authority expects to see from firms when dealing with consumers and in the retail financial services market. Cross-cutting rules – overarching requirements that set standards of conduct across all areas of a […]

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The new Consumer Duty – an overview

A “significant change and a unique regulatory intervention” is how the Financial Conduct Authority describes its proposals for the new Consumer Duty in CP21/36, A new Consumer Duty: feedback to CP21/13 and further consultation, issued on 7 December 2021. That is almost certainly an understatement. CP21/36 – and particularly the draft guidance document at the […]

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The new Consumer Duty

Key points: The proposed new Consumer Duty represents a step-change in regulation and firms need to start planning now; there’s a lot to do in what’s probably a tight timescale. Although most firms will have documented outcomes-based measures, more granularity is likely to be needed and there are significant dependencies and interconnectedness between the proposed […]

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