Consumer Duty: Four outcomes firms need to achieve for customers

The Consumer Duty will come into force on the 31 July 2023.  It has been described by the Financial Conduct Authority (FCA) as a ‘reset' based around the new Principle 12 - a firm must act to deliver good outcomes for retail consumers. The wording from the policy statement makes it clear the importance that the FCA is putting on Consumer Duty in terms of future regulation. As the Consumer Duty brings together many different strands of FCA work from the last few years, firms may already have in place the building blocks to meet some of the new requirements. These will need to be assessed ...