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Twelve months on from when the Consumer Duty rules were introduced, understand the impact, what you need to do and how we can help.
The Consumer Duty has now been in place for 12 months. Introduced on July 31 2023, the rules aim to ensure that existing best practice around good outcomes for consumers is applied consistently across the industry.
July 31 2024 is not only a landmark date for the FCA, it’s also the deadline for providers of closed book products and services to meet the rules, and for all firms to have their first Consumer Duty Annual Board Report ready.
In the Consumer Duty Annual Board Report, the regulator wants to see evidence that your firm has paused, reflected, and taken action where it’s needed to ensure good outcomes are being delivered.
As an adviser firm, you should already be delivering on the majority of what the Consumer Duty aims to achieve because of existing regulatory alignment and having the processes in place to help deliver good outcomes and fair value for clients.
The Consumer Duty outlines four key outcomes that set out in detail the FCA's expectations of firms. Each of these are key elements of a firm's relationship with consumers and driving good outcomes. Take a look at our practical guidance and support material to help your firm bed in the rules.
These statements of target market outline which customers might benefit from a product or service based on your clients’ needs, characteristics and objectives.