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:
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:
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.
