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 support outcome
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Also tagged characteristics of vulnerability, consumer duty, consumer outcomes, consumer support outcome, CP21/36, customer outcomes, FCA, vulnerable circumstances
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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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Also tagged characteristics of vulnerability, consumer duty, consumer outcomes, consumer understanding outcome, CP21/36, customer outcomes, FCA, vulnerable circumstances
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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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Also tagged characteristics of vulnerability, consumer duty, consumer outcomes, CP21/36, customer outcomes, FCA, price and value outcome, vulnerable circumstances
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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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Also tagged characteristics of vulnerability, consumer duty, consumer outcomes, CP21/36, customer outcomes, FCA, products and services outcome, vulnerable circumstances
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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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Also tagged consumer duty, Consumer Principle, CP21/13, cross-cutting rules, DP21/1, duty of care, FCA, Financial Conduct Authority, vulnerable customers
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