Consumer Duty: Putting Customers First

The Consumer Duty (the Duty) is a landmark regulation introduced by the Financial Conduct Authority (FCA) to raise the standard of care across financial services. It requires firms like ours, specialists in equity release and pensions, to consistently deliver good outcomes for our customers.

At Age Partnership, we are fully aligned with the Duty’s principles. We’ve embedded its expectations into our processes, product governance, and customer communications to ensure that every interaction is clear, fair, and focused on our customer’s best interests.

Q. What is The Consumer Duty?

A. The ‘Consumer Duty’ sets a higher standard of care and expectation beyond previous FCA rules and business principles. The FCA wants all firms to put their clients at the heart of their business, offering products and services that are fit for purpose and represent fair value.

Q. Why was the Consumer Duty introduced?

A. The FCA found that some financial firms were not consistently putting customers’ needs first, leading to poor outcomes. The Duty aims to ensure that all customers, especially those in vulnerable circumstances, receive fair value, clear information, and appropriate support throughout their journey.

Q. What does this mean for equity release and pension customers?

A. It means our customers can expect:

• ●Clear, jargon⁠-⁠free advice tailored to their needs.
• ●Transparent fees and charges.
• ●Products that are suitable and represent fair value.
• ●Ongoing support, even after their plan is in place.

Q. How does Age Partnership meet these expectations?

A. We meet the expectations of the Consumer Duty by:

• ●Conducting regular reviews of our advice and guidance service including the review of product and customer outcomes.
• ●Monitoring customer feedback and complaints to identify areas for improvement.
• ●Providing additional support for vulnerable customers.
• ●Ensuring our panel of solicitors, lenders and providers meet strict service and value expectations to ensure a positive outcome throughout the customer’s entire journey.

To view our Home Finance Fair Value document, please click here

To view our Pensions & Investments Fair Value document, please click here