Consumer Duty
Support with Consumer Duty implementation across the four outcomes, the monitoring and evidence firms are expected to keep, and the annual board assessment.
⚠ UNSIGNED-OFF COPY. This page was written during the build so the section could exist and its routes could resolve. It makes no claim about outcomes, timescales, prices or the FCA’s decisions, but claim-free is not the same as signed off. Recorded at
docs/content-removals-for-review.md § 7.
The Consumer Duty requires firms to act to deliver good outcomes for retail customers. It is an outcomes-based standard rather than a checklist, which means a firm is expected to be able to evidence what its customers actually experience.
The four outcomes
- Products and services - designed to meet the needs of an identified target market
- Price and value - products providing fair value to the customers who buy them
- Consumer understanding - communications that equip customers to make informed decisions
- Consumer support - support that meets customers’ needs throughout the relationship
What the work involves
- Mapping existing products, communications and support against the four outcomes
- Establishing the monitoring that produces evidence of outcomes rather than of activity
- Preparing the annual board assessment
- Staff training, so the standard is applied by the people who deal with customers
The rules are in PRIN 2A (opens handbook.fca.org.uk in a new tab).
Our guide on the Consumer Duty board report covers the annual assessment.