Understanding Consumer Duty

General A firm’s board or equivalent governing body is responsible for ensuring that the Consumer Duty is properly embedded within their firm.  Senior managers will

Section 3B of the Financial Services and Markets Act (FSMA) 2000 sets eight regulatory principles to which the FCA are required to have regard when

General A key part of the Consumer Duty is that firms assess, test, understand and are able to evidence the outcomes their customers are receiving. 

A manufacturer must regularly review its products taking into account any event that could materially affect the potential risk to the target market. At the

General The FCA believes that consumers can only pursue their financial objectives and act in their own interests where firms support them in using the

General Consumers can only be expected to take responsibility (and therefore pursue their financial objectives[1]) where firms’ communications enable them to understand their products and

Firms are product distributors if they offer, sell, recommend, advise on, arrange, deal, propose, or provide a product or service, including at renewal.[1] Obligations of

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

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