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Newsletter
Corterum Team

Corterum newsletter: April 2024

Welcome to April’s Corterum Newsletter! This month, we’re diving into the latest updates from the Financial Conduct Authority (FCA) regarding their plans for the upcoming

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Consumer Duty
Michael Beaton

Product testing

An introduction to product testing Product manufacturers are expected to base their work on REAL consumer needs, characteristics (including those which characteristics of vulnerability) and

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Consumer Duty
Michael Beaton

Product design

Product manufacturers must ensure that their products or services (whether new or existing) are designed to meet the IDENTIFIED needs, characteristics and objectives of the

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Consumer Duty
Michael Beaton

Fair value assessments

What is “value”? “Value” is the relationship between the amount paid by a retail customer for a product and the benefits they can reasonably expect

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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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