Consumer Duty represents a significant shift in the FCA's expectations and sets out higher standards of consumer protection. It is as much cultural as it is practical within a firm's process.
Under the rules, firms should be open and honest, avoid harm and support their customers in choosing the right products which suit their needs.
The FCA expect firms to have a clear understanding of the new rules and appropriate oversight, with any gaps or weaknesses in systems and controls identified and remedies in place.
The FCA are closely monitoring how firms have embedded the new rules and will take action against those that aren’t following them.