A practical guide to Consumer Duty
02 November 2022
18 December 2023
Personal Finance Society
The Financial Conduct Authority's New Consumer Duty.
Guidance on the FCA's New Consumer Duty.
The FCA published its final rules for the New Consumer Duty in July 2022, for implementation in two stages, in July 2023 and July 2024.
The Consumer Duty is the most significant piece of new regulation that the FCA has introduced this decade and will affect all advice firms.
This guide gives an introduction to how the Consumer Duty came about, the FCA's expectations from firms and the key role professionalism and strong organisational culture play in complying with the Duty.
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.