About Consumer Duty
Consumer Duty is the new framework that dictates the level of care a regulated firm must provide its customers and ensures that a firm acts in their interests throughout the full life cycle of the product or service it offers.
The Duty supports four outcomes:
- Fair value: Consumers pay a price for products and services that represents fair value.
- Suitable products and services: Consumers are sold and receive products and services that have been designed to meet their needs.
- Suitable treatment: Consumers receive good customer service leading to a reduction in upheld complaints about switching.
- Confidence: Consumers increase their confidence in financial services markets and are equipped with the right information to make effective, timely and properly informed decisions about their products and services
It is not simply good enough for firms to say that they are adhering to Consumer Duty rules, it is important that a firm and its partners can evidence that it has a proper framework with robust policies and procedures….