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 […]
Tag Archives: cross-cutting rules
The Consumer Duty – the cross-cutting rules
Posted in Articles
Also tagged consumer duty, consumer outcomes, Consumer Principle, CP21/36, customer outcomes, FCA
Comments closed
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 CP21/36 – and particularly the draft guidance document at the […]
Posted in Articles
Also tagged characteristics of vulnerability, consumer duty, consumer outcomes, Consumer Principle, consumer understanding outcome, CP21/36, customer outcomes, customer support outcome, FCA, outcome rules, price and value outcome, products and services outcome, vulnerable circumstances
Comments closed
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 […]
Posted in Articles
Also tagged consumer duty, Consumer Principle, CP21/13, DP21/1, duty of care, FCA, Financial Conduct Authority, protected characteristics, vulnerable customers
Comments closed