fscom’s Guide to the Consumer Duty for the boards of new applicants

For firms preparing for the authorisation gateway, ‘your application must prove that you can comply with the Consumer Duty’ says the FCA. Under the Consumer Duty, the Board of in scope firms will be held accountable for failing to act to deliver good outcomes for customers.

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fscom’s Guide to the Consumer Duty for the boards of new applicants

The Consumer Duty regime establishes higher standards of customer care, beyond those historically introduced under regimes such as Treating Customers Fairly, (TCF). It places an obligation on firms that offer products and services to retail customers to evidence that they have acted to achieve good outcomes for those customers.

 

The regime, which was introduced under ‘PS22/9 A new Consumer Duty’, went live on 31 July 2023 for open products (new and existing products or services that are open for sale or renewal) and is due to come into effect for closed book products (products no longer marketed or distributed to retail customers) from 31 July 2024. The FCA also published detailed non-Handbook Guidance for firms on the Consumer Duty (FG22/5).

Contents
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Consumer principle
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Cross-cutting rules
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Four outcomes
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Strategy
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Leadership
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People 
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Policies
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