Consumer Duty
Module released October 2022 | CPD time: 1 Hour
The FCA’s Consumer Duty is a significant shift, both for firms and for the regulator itself. It will provide a fairer basis for competition and the flexibility of an outcomes-focused, rather than prescriptive, approach. The Consumer Duty is described as the cornerstone in the FCA's strategy of setting higher standards of consumer protection in retail financial markets. It will place the onus on firms to proactively assess and evidence the extent to which and how they deliver good consumer outcomes. This module examines the scope, obligations and outcomes of the Consumer Duty.
1. Background
2. Scope
3. The Consumer Principle and Cross-Cutting Rules
4. The Outcomes
5. Firms’ Ongoing Obligations
6. The FCA’s Approach to the Consumer Duty
Module Test