Tag Archives: protected characteristics

The Consumer Duty – the consumer support outcome

Support given by firms can enable consumers to make the most of the products and services they buy – realise the value and benefits, allowing consumers to pursue their financial objectives and ensure they can act in their own interests. CP21/36, A new Consumer Duty: feedback to CP21/13 and further consultation (issued on 7 December […]

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The Consumer Duty – the consumer understanding outcome

The proposed consumer understanding outcome rules might appear, on the face of them, to be less significant than the other consumer outcome rules. However, the FCA is clear in CP21/36, A new Consumer Duty: feedback to CP21/13 and further consultation (issued on 7 December 2021), that consumers can only be expected to take responsibility for […]

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The Consumer Duty – the price and value outcome

The underlying premiss of the price and value outcome rules is that that the price of products and services must be proportionate to their value. Customers should be confident that the firm they deal with (and each other firm in the value chain) has taken steps to ensure that the product or service represents fair […]

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The Consumer Duty – the products and services outcome

The draft products and services outcome rules set out in CP21/36, A new Consumer Duty: feedback to CP21/13 and further consultation, issued on 7 December 2021, appear to cover familiar ground. The Financial Conduct Authority refers to the rules providing a range of requirements, including the need for firms to: Ensure that the design of […]

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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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