'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...

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