Helping to deliver good outcomes for customers
What Is Consumer Duty?
It’s a new set of standards created by the FCA to improve consumer protection and build more trust across the spectrum of financial services.
The Duty lays out an overriding Consumer Principle:
A firm must act to deliver good outcomes for retail clients.
And is supported by three cross-cutting rules and four customer outcomes.
Three cross-cutting rules
A firm must:
Act in good faith towards retail customers
Avoid causing foreseeable harm to retail customers
Enable and support retail customers to pursue their financial objectives
Four Consumer Outcomes
This outcome aims to ensure products are designed with a clear target market in mind and that the customer’s needs, characteristics, and objectives are documented.
This outcome aims to ensure customers pay a fair price for the product or service they receive and that the price paid is reasonable compared to the overall value and benefit they receive.
This outcome requires firms to provide clear information so customers can make informed decisions about financial products and services.
This outcome aims to ensure customers have sufficient support and information to meet their needs throughout their relationship with a firm.
“The vast majority of firms are already demonstrating the behaviours the FCA expects from its Consumer Principle.
The challenge for us all is evidencing those behaviours.”
Chief Risk Officer
Resources for You
Wealthtime Platform Consumer Duty Outcomes Key Questions
Wealthtime Platform Value Assessment
Wealthtime Platform Target Market Statement: ISA
Wealthtime Platform Target Market Statement SIPP
Wealthtime Platform Target Market Statement: Offshore Bond
Wealthtime Platform Target Market Statement: GIA
Wealthtime Select Platform – Value Assessment
Wealthtime Select Platform – Platform Target Market Statement
Wealthtime Select Platform – GIA Target Market Statement
Wealthtime Select Platform – ISA Target Market Statement
Wealthtime Select Platform – SIPP Target Market Statement
As a reminder, the FCA set out its policy statement and final rules for Consumer Duty in July 2022.