'Watershed moment for financial services': FCA unveils final Consumer Duty rules to improve customer outcomes

'Huge undertaking'

Julia Bahr
clock • 6 min read

The Financial Conduct Authority (FCA) has published final guidance for firms to implement its new Consumer Duty rules, which the regulator says will lead to a "major shift in financial services".

The new rules, which come into effect on 31 July 2023 for new and existing products and services currently on sale, will improve how firms serve consumers by requiring them to act to deliver better outcomes, the watchdog said. Consumer Duty includes a new Consumer Principle that requires firms 'to act to deliver good outcomes for retail customers' and cross‑cutting rules providing greater clarity on the regulator's expectations under the new principle.  The regulator has also provided rules and guidance setting more detailed expectations for firm conduct in four areas that represent k...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA looking at child trust funds in closed book products review

FCA looking at child trust funds in closed book products review

Publication expected this year

Jen Frost
clock 26 February 2026 • 2 min read
Financial firms risk missing a golden opportunity in targeted support

Financial firms risk missing a golden opportunity in targeted support

'Targeted support’s success depends upon firm involvement'

Mark Glover
clock 24 February 2026 • 4 min read
Reality TV 'finfluencers' sentenced

Reality TV 'finfluencers' sentenced

Had combined Instagram following of 4.5 million

Jen Frost
clock 23 February 2026 • 2 min read