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Consumer Duty

This page gives you information on the Financial Conduct Authority ('FCA') Consumer Duty.

What is Consumer Duty?

Consumer Duty sets higher and clearer standards of consumer protection across financial services and requires firms to put their customers' needs first.

The FCA has set out final rules and guidance for Consumer Duty which comprises of three different elements:

A firm must act to deliver good customer outcomes for retail customers.

This means customers get products that are designed to meet their needs, represent value for money, and that they have the information and support they need to be able to make informed decisions that are in their financial interests. 

A customer should have enough information and support to decide if, for example, they want a bank account, and if so, which one is right for them. Good outcomes will be different depending on the customer's needs and objectives. A good outcome for someone starting a business will be different to that of someone planning for retirement.

Overarching cross-cutting rules requiring three key behaviours from firms:

  1. Act in good faith
    • Has the customer been given the information they need in a way that is understandable to make their financial decision?
  2. Avoid foreseeable harm to retail customers
    • Understand what customers want from products and services and support them to achieve this.
  3. Enable and support retail customers to pursue their financial objectives
    • Ensure customers aren't disadvantaged by using products and services.
    • Consider individual customer needs and any difficulties or vulnerabilities they might have that may put them at greater risk.

A suite of underpinning rules and guidance that set more detailed expectations for a firm's conduct in relation to the following:

  1. Products and services
    • Do the benefits customers receive justify the price paid for a product or service?
    • Are you acting in good faith?
  2. Price and value
    • Do the products and services meet the needs of the customer?
    • Will it help them achieve their financial objectives?
  3. Consumer understanding
    • Do customers fully understand the product or service and what they are signing up for?
    • Has the complexity in communications been reduced ensuring product information is easy to read and understand?
  4. Consumer support
    • Are customers receiving the support they need when they need it?
    • Is the support being offered the right support for their circumstances?

We're dedicated to delivering good customer outcomes for all of our customers.

Under our responsibilities of Consumer Duty, we review our documents and processes to make sure our products and services are designed to meet our customers' needs, represent value for money and are easy to understand. 

Our updated Terms of Business come into effect on the 30th April 2023 and is available within our Literature for Professional Advisors section. Our Information for Distributors are now available and we have written to all our intermediaries with more information on how to access these. If you need further support around Consumer Duty or our Information for Distributors, please contact your Relationship Director. Alternatively, contact us at