Consumer Duty claims suppliers' information

The Financial Conduct Authority's new Consumer Duty came into force on the 31st of July 2023 for new and existing products and services. The legislation sets higher and clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first. Published in July 2022, the Consumer Duty goes beyond the existing Treating Customers Fairly (TCF) framework and requires FCA-regulated firms to ‘act to deliver good customer outcomes'.

1. Products and services
2. Price and value
3. Consumer understanding
4. Consumer support.

Take a look at the latest Consumer Duty statement for an overview of the key areas we are focussing on.

While our review will consider the parts of our customers’ journey that you will manage, you should review the parts you undertake in accordance with the FCA’s requirements. You will need to ensure your arrangements enable customers to make informed decisions by giving them appropriate information, at the right time, in a way they understand. You may want to consider, for example, your customer contact strategy, customer communications across all media types and complaint handling process. You should also ensure that customers receive an appropriate standard of support, including those with characteristics of vulnerability.