This subtopic focuses on those aspects of regulation in the UK which relate specifically to the Financial Conduct Authority (FCA)’s Consumer Duty (Principle 12) and Treating Customers Fairly (TCF) (Principle 6) of the Principles for Businesses (PRIN), in addition to firms’ regulatory obligations towards vulnerable customers.
The Consumer Duty consists of Consumer Duty (Principle 12) which requires firms to act to deliver good outcomes for retail customers.
The Consumer Duty represents a paradigm shift in the FCA’s regulation of the retail sector, establishing higher FCA expectations for the standard of care which firms provide consumers. The Consumer Duty is part of the move to an outcomes-based approach as the FCA considered that many firms were reactive in response to regulatory requirements, with a ‘tick box’ approach.
For detailed guidance on each of the elements within the Consumer Duty, see Practice Note: The FCA Consumer Duty—essentials.
For
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