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Consumer Duty

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Consumer Duty

In July 2022, the FCA introduced the final rules for the new Consumer Duty, requiring most regulated firms to comply within 12 months for new and existing products or services that remain open to customers, and by July 2024 for closed products and services.

This new Duty sets a significantly higher bar for consumer protection, underpinned by the introduction of Principle 12: “A firm must act to deliver good outcomes for retail customers.” To support this, the FCA has also implemented three cross-cutting rules that establish clear conduct expectations:

  • Act in good faith towards retail customers, micro-enterprises, and charities with over £1m turnover.
  • Avoid foreseeable harm to these customers.
  • Enable and support retail customers in pursuing their financial objectives.

Firms must also demonstrate how they achieve the four core outcomes for consumers:

Products and Services – ensuring offerings are designed to meet customers’ needs.
Price and Value – delivering fair value to consumers.
Consumer Understanding – making sure customers receive clear and timely information.
Consumer Support – providing responsive and helpful customer service.

How we help

Since the release of the final Consumer Duty rules, PayWise Compliance has partnered with various payment and e-money institutions to help them meet the FCA’s expectations. Our approach is designed to be practical, customised, and effective. We support firms by:

Conducting a comprehensive gap analysis to assess current compliance against Consumer Duty requirements.
Providing clear recommendations tailored to your business model.
Assisting in the development and refinement of policies and procedures to support your implementation strategy.
Delivering targeted training for leadership teams and staff to ensure a deep understanding of their responsibilities.
Offering ongoing independent reviews to assess how effectively your Consumer Duty framework is operating over time.

With our expertise and hands-on support, your firm can confidently meet the FCA’s high standards and deliver the good outcomes expected for your customers.

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About Us

We are a UK-based compliance consultancy dedicated to supporting financial services firms in meeting their regulatory obligations with confidence and clarity. Operating exclusively within the UK regulatory framework, we assist businesses at every stage of their journey—whether navigating the complexities of authorisation or maintaining ongoing compliance.

Our strength lies in the depth of expertise across our team. With a combined foundation of over 25 years’ experience in financial services, we bring practical insight, regulatory understanding, and strategic guidance to every engagement. We do not offer generic solutions; instead, we deliver tailored advice that reflects the realities of your business and the expectations of the regulator.

We understand that today’s regulatory landscape is demanding, fast-moving, and often challenging. That is why we position ourselves not simply as advisers, but as your long-term compliance partner. From initial application through to day-to-day oversight, we work alongside you to make complex processes clear, manageable, and efficient.

Our focus is on achieving the right outcome—every time. By combining technical excellence with a client-centred approach, we help firms progress with confidence, minimise regulatory risk, and build sustainable, compliant operations. With us, compliance becomes not a barrier to growth, but a foundation for it.

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