What Is the FCA’s Consumer Duty? Related Articles Consumer Duty: A Guide for Teams in Financial Services 6 Steps to Navigating Consumer Duty Closed Book Implementation FCA Consumer Duty: What You Need to Know and How to Get Ready FCA Consumer Duty Summary © Maylim - Shutterstock - 2163651857 Filed under - Definitions, Compliance, MaxContact So what is the Consumer Duty and what are its rules? In short, the Duty aims to enhance consumer protection as people buy and use financial products. The new regulations are based on three core principles: Consumers should receive products and services that meet their needs and are marketed in a way that is clear, fair, and not misleading. Consumers should not face unreasonable barriers when they try to access financial products and services or exercise their rights. Consumers should receive products and services that are designed to meet their needs throughout their lifetime and are delivered fairly, taking account of their changing circumstances. The FCA has also laid out three rules which underpin these principles. Financial services companies should: Act in good faith Avoid causing foreseeable harm Enable and support retail customers to achieve their financial objectives In a recent speech, Sheldon Mills, Executive Director for Consumers and Competition at the FCA, said: “The common thread, the thing we are interested in above all else in our work, is reducing harm to consumers and ensuring firms deliver good outcomes for consumers.” Thanks to MaxContact Author: Robyn Coppell Published On: 3rd Aug 2023 Read more about - Definitions, Compliance, MaxContact Recommended Articles Consumer Duty: A Guide for Teams in Financial Services 6 Steps to Navigating Consumer Duty Closed Book Implementation FCA Consumer Duty: What You Need to Know and How to Get Ready FCA Consumer Duty Summary Related Reports Download: The Top Contact Centre Challenges and How to Solve Them eBook: The Impact of AI on the Contact Centre Report: The Evolving Contact Centre Landscape Contact Centre Reports, Surveys and White Papers Get the latest exciting call centre reports, specialist whitepapers and interesting case-studies. Choose the content that you want to receive. Contact Centre Reports, Surveys and White Papers Invites to exclusive Webinars & Events Weekly Newsletter