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The Consumer Duty will set higher and clearer standards of consumer protection across financial services and require firms to act to deliver good outcomes for customers.
Firms need to deliver and assess four outcomes under the Consumer Duty, including price and value. They must undertake fair value assessments as a way of demonstrating if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive.
To help firms better understand the Financial Conduct Authority (FCA)’s expectations, it is providing regular feedback on the work it is doing to assess firms’ progress in embedding the Duty. It is sharing observations from this review as other firms will find them helpful when implementing price and value requirements, highlighting good practice, and sharing examples where firms need to improve their approach further to ensure they meet expectations under the Duty when it comes into force on 31 July 2023.
Consumer Duty: Findings from FCA review of fair value frameworks
