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Consumer Duty
Michael Beaton

Vulnerable customers

General The FCA’s Financial Lives 2020 survey showed that in February 2020 46% of UK adults (24.1 million people) had characteristics of vulnerability. By October

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Consumer Duty
Michael Beaton

Target markets

What is a “target market”? A “target market” is a group or groups of customers sharing common features whose characteristics, needs and objectives a product

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Consumer Duty
Michael Beaton

The products and services outcome

Under the “products and services outcome”, products and services must meet the needs, characteristics (including characteristics of vulnerability[1]) and objectives of an identified target group

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Consumer Duty
Michael Beaton

What is a “retail customer”?

The Consumer Duty applies to products and services offered to “retail customers”. What EXACTLY do we mean when we refer to a “retail customer”? Actual

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Consumer Duty
Michael Beaton

Scope of the Consumer Duty

The Consumer Duty applies to the regulated activities and ancillary activities of all firms authorised under the Financial Services and Markets Act 2000 (FSMA), the

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Consumer Duty
Michael Beaton

Overview of the “four outcomes”

The “four outcomes” are elements of the firm-consumer relationship which the FCA considers to be instrumental in helping to drive good outcomes for consumers.  They

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Consumer Duty
Michael Beaton

Cross-cutting rules

The purpose of the cross-cutting rules is to provide guidance on the new Principle 12.  The cross-cutting rules set out how firms should act (proactively

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