The Financial Conduct Authority (FCA) has published good practice and areas for improvement regarding Consumer Duty. Having reviewed progress to date, the authority has said it “welcomes the improvements made by many firms to deliver better outcomes for their customers. However, some firms are lagging behind.”
The FCA has added that it will act where it identifies firms that are delivering poor customer outcomes. The publication covers good and bad practice in the following areas:
- Culture, governance, and monitoring
- Vulnerable circumstances
- Products and services
- Price and value
- Consumer understanding
- Consumer support.
Members should review this guidance to support their implementation journey and use it to recognise areas where they may not be reaching the required standards.
Contact [email protected] with any questions.
Consumer Duty implementation: good practice and areas for improvement | FCA
Also see the BVRLA’s new programme of learning on Consumer Duty regulations: Launch of new Consumer Duty 5-step programme.
