The new Consumer Duty is a set of regulations that were introduced by The Financial Conduct Authority (FCA) on the 31^st of July 2023. These new regulations are applied to all regulated businesses in the financial retail sector and are being branded as a cornerstone moment in FCA regulations. It has replaced the Treating Customers Fairly core principles. Businesses need to take note and consumers should be made aware of how they are going to benefit. 

How Customers Will Benefit 

The key takeaway as a financial services customer is that all regulated providers must deliver higher standards of services and go even further to help you make the right decisions when it comes to your finances.  

There are three main elements to the new Consumer Duty, which offer an array of benefits to consumers:

1. Service providers must act in a way that delivers good outcomes for retail customers, which means all service providers must do their best to ensure a good result is achieved for everyone and use their knowledge to avoid problems. This applies to all parties when a chain of services or businesses is involved. 
2. Service providers must behave in certain ways that are summarised as acting in good faith to customers, avoiding foreseeable harm to customers and supporting customers to achieve their financial objectives. 
3. Service providers must foster better customer relationships by focusing on four key areas. These areas are the products and services on offer, the value for money they provide, the level of customer understanding shown and the customer support they can offer. 

We’re Committed to Your Satisfaction

The new Consumer Duty is great news for anyone receiving financial advice or relevant brokering services from a regulated provider. 

Businesses now need to do even more and raise the bar to get the best experience and results for you. This aligns with our internal operating principles and we’re proud to adhere to the new regulations. Our mission remains the same – to provide excellent personalised services that have genuine benefits. 

If you have any questions about the new Consumer Duty and how it affects the services you receive, don’t hesitate to contact one of our team who will be happy to assist.