Regulatory Alerts2021-12-02
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PS22/9: A new Consumer Duty
The Financial Conduct Authority establishes final rules for a new Consumer Duty requiring regulated firms, including those in the e-money and payments sector, to act to deliver good outcomes for retail customers. The rules introduce a new Consumer Principle, cross-cutting rules mandating good faith and avoidance of foreseeable harm, and specific requirements for products and services, price and value, consumer understanding, and consumer support. Firms must apply these standards to products open for sale or renewal from 31 July 2023, with an extended deadline of 31 July 2024 for closed books.
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