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Consumer Duty
The FCA’s Consumer Duty presents a paradigm shift. Financial Services firms need to look beyond compliance to strategy, data and technology.
Consumer Duty sets clearer and higher standards for the culture of firms and the conduct the Financial Conduct Authority (FCA) expects of them. The Duty requires firms to put customers at the heart of their businesses and to offer products and services that are fit for purpose, and which they know represent fair value. The focus is now on the outcomes of the customers’ experience.
The Consumer Duty introduced three elements which firms have to embed into their end-to-end business practices:
The Consumer Duty implementation deadline has now arrived. Reaching the deadline for open products (31 July 2023) and closed products (31 July 2024) was the culmination of a lot of work for firms to help ensure they were compliant. The process was extensive – including initial consultation, planning and preparation and, finally, implementation. Every consumer-facing part of the business worked together, from product design to customer engagement and communication, technology and data, and leadership and culture.
Firms need to continue to demonstrate they can comply with the cross-cutting rules and outcome pillars of the Consumer Duty – and this is just the start of the journey. The real aim is to continually improve customer outcomes and raise the bar on what good outcomes look like.
Our latest thinking
What firms can do now to meet the Consumer Duty deadline
Find out how ready firms are for the new Consumer Duty from our latest survey results.
What firms should be considering before the Consumer Duty deadline
In this webcast, EY professionals and panellists discuss where organisations are in the run up to the implementation deadline. Watch now.
Five steps to drive Consumer Duty implementation and long-term gains
Read about the five steps required to drive implementation for Consumer Duty in our latest article.
What the FCA’s final Consumer Duty rules mean for your firm
In this webcast, EY professionals and industry panelists discuss the FCA’s final rules on Consumer Duty. Watch now.
Harnessing the heart of Consumer Duty
EY case study - Consumer Duty fosters financial well-being, innovation and a customer culture that delivers strategic benefits for financial services firms.
How UK banks can meet customer needs in the future
Changing customer expectations and technology enabled competition means banks will need to operate creatively to stay relevant.
How the financial services industry is preparing for Consumer Duty
After years of talking about customer centricity, firms will be required to show evidence of it in all interactions and operations.
How Financial Services firms can plan for the new Consumer Duty
In this webcast, EY and industry panelists share their views on the implication of Consumer Duty.
How EY can help
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We collaborate with insurers on technology transformation programs and the deployment of digital tools. From concept to implementation, we work with you to develop strategies that optimize performance, drive efficiency and enhance quality.
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Our Global Regulatory Network, consisting of former regulators and bankers from the Americas, Asia and Europe, provides strategic insights on financial regulation that helps clients adapt to the changing regulatory landscape.
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