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Consumer Duty Guidance Published by FCA

22 February 2024
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Consumer Duty Guidance Published by FCA

The Financial Conduct Authority (FCA) has published good practice guidance for the implementation of the Consumer Duty.

The Consumer Duty entered into effect for new and existing products or services that are open to sale or renewal on 31st July 2023, and will come into force for closed products on 31 July 2024.

The FCA provides its desired outcomes, good practice guidance, and recommendations for improvement in the following areas:

  • Culture, governance and monitoring;
  • Consumers in vulnerable circumstances;
  • Products and services;
  • Price and value;
  • Consumer understanding; and
  • Consumer support

 

Read Plenitude’s paper, ‘It’s Your Duty to be (Consumer) Dutiful’, to learn more on the FCA’s expectations for businesses to treat customers fairly, ensure good outcomes, and demonstrate appropriate compliance.

 
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