The New Consumer Duty: Preparing for the Digital Impact
The FCA first proposed its new Consumer Duty back in May 2021 as the world showed the first signs of beginning to move beyond the COVID-19 pandemic. For regulated firms, this would mean much higher expectations for the standards of care they provided to their customers.
In many ways, the FCA’s new Consumer Duty is game changing for UK retail financial services as it:
In many ways, the FCA’s new Consumer Duty is game changing for UK retail financial services as it:
- Shifts the regulatory focus to good outcomes
- Makes it clear where responsibility lays for delivering them
- Requires firms to review their product portfolios to ensure customers are served with appropriate offers
- Forces firms to engage in new and more granular ways with the behaviors and journeys undertaken in their channels
Download the eBook to learn more about what the new Consumer Duty means for you and how you can prepare digitally.
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