Understanding Consumer Duty

Everything you need to know about Consumer Duty, all in one place.

Consumer Duty
Michael Beaton

Product approval

Approval of open products With respect to any new product manufactured on or after 31 July 2023, or any existing product, a product manufacturer must

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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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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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