The Financial Conduct Authority (FCA) has introduced one of the biggest pieces of regulation for a number of years. The Consumer Duty focuses on setting higher expectations for the standards of care that firms provide to customers.
At Age Partnership, we fully support the Consumer Duty to allow customers to be better equipped to achieve good outcomes from our services. Below are a few fundamental questions and answers:
Q. What is The Consumer Duty?
A. The ‘Consumer Duty’ sets a higher standard of care and expectation beyond current 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 is the FCA introducing the Consumer Duty?
A. The FCA is introducing the Consumer Duty because it believes that the financial services industry should be more focused on meeting the needs of its customers. The FCA has found that some financial services firms have not been treating their customers fairly, and that this has led to harm being caused to consumers. The Consumer Duty aims to address these issues.
Q. When does the Consumer Duty come into effect?
A. 31st July 2023: The rules apply to all open products and services.
31st July 2024: The rules apply to all closed products and services.
To view our Home Finance Fair Value document, please click here
To view our Pensions & Investments Fair Value document, please click here