Consumer Duty Implementation Plan
The Consumer Duty will come into effect from the 31st July 2023.
This Consumer Duty Implementation Plan is designed to provide a summary of requirements and a guide to the steps firms should take to ensure the Consumer Duty standards will be met by the implementation date.
The aim of the Consumer Duty is to basically bring about an environment where consumer harms do not occur, because the firm is consistently placing its customers’ interests at the heart of its business. It also focuses beyond ensuring compliance with specific rules, but on delivering good outcomes to consumers. This includes acting in good faith, to avoid causing harm and empowering consumers by placing them in a position where they can make effective decisions on the products they purchase.
The Duty sets a higher standard of care that firms must deliver to customers. As such, firms will need to focus on delivering good outcomes for customers, identify any problems earlier and prevent problems escalating or becoming widespread.
FORMAT: All documents are downloadable via email upon receipt of payment.