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The Financial Conduct Authority (“FCA”) has implemented a new “Consumer Duty” Principle requiring financial firms to “deliver good outcomes” for retail customers, and all firms must comply with the rules within the Duty from 31 July 2023.
The Consumer Duty sets the standards of care that firms should give to their customers and is the biggest overhaul of regulatory approach in nearly 10 years. It is expanding its existing rules and principles to ensure firms provide a higher level of consumer protection which will enable consumers to achieve good outcomes. The FCA have set rules relating to 4 outcomes that they want to see under the Consumer Duty:
Products and Services
Price and Value
What this means for the Society and for our customers
In order to comply with the Duty, we have undertaken a comprehensive review of all our products, processes and communications to ensure that all our Members are receiving good customer outcomes with particular regard to our vulnerable customers.
We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply for an account, you can call us, email us, pop into one of our 11 branches. We look forward to hearing from you.