Are you prepared for the UK’s new FCA Consumer Duty rules?

This week saw the introduction of the UK Financial Conduct Authority’s (FCA) new Consumer Duty, which is designed to improve consumer confidence and customer service in the financial sector, in what has been described as its biggest overhaul in two decades.

Key requirements of the FCA's new Consumer Duty
Summary of coverage and key requirements

Under the FCA’s Consumer Duty, companies operating in or supplying financial services to the UK face fresh legal requirements to operate in a manner that prioritises customer needs, delivers fair value and ensures customers receive good outcomes, regardless of their individual financial expertise or biases.

It covers four areas where the Consumer Duty has detailed expectations for how financial services providers operate. These are:

Governance of products and services
Price and value
Consumer understanding
Consumer support

FXC Intelligence’s data and expertise can help your company comply with these new regulations. Talk to us to find out how we are helping other banks and payment companies meet their Consumer Duty requirements.

Get in touch to find out how we can help with Consumer Duty requirements

Lucy Ingham

Lucy is Head of Content & Editor-in-Chief at FXC Intelligence, overseeing all content and taking deep dives into the trends and data driving changes in payments. Before joining FXC Intelligence, Lucy worked as a technology journalist and editor, interviewing CEOs and major names across enterprise technology, including fintech. She has an MSc in Development Anthropology from Durham University.