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Consumer Duty

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

  • All products and services for retail customers need to be fit for purpose, designed to meet customers’ needs and targeted at those customers.
  • This includes the requirement to identify vulnerable customers and take account of any additional needs when designing products and services.

 Price and Value

  • The FCA do not intend to set prices, but rather the focus of the Consumer Duty is on firms ensuring that the price of their products and services is proportionate to the value.

 Consumer Understanding

  • Communications should support and enable customers to make informed decisions about financial products and services.
  • Customers to be given the information they need, at the right time, and presented in a way they can understand.

 Consumer Support

  • Support must meet customers’ needs throughout their relationship with the firm.
  • Customer service should enable customers to realise the benefits of the products and services they buy and ensure they are supported when they want to pursue their financial objectives.


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. 


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