FCA presses ahead with ‘good outcomes’ consumer duty

The FCA published CP21/36: A new Consumer Duty, setting out further details on its plans to introduce a new consumer duty, on 7 December 2021. The paper includes feedback to the FCA’s first consultation, issued in May 2021.

The FCA is pushing ahead with most proposals from its first consultation. It is proposing a new Consumer Principle, which would require firms ‘to act to deliver good outcomes for retail customers’. The proposals will require firms to make significant changes to demonstrate how their business model, actions and culture are delivering good consumer outcomes.  

Download this At a glance for a detailed summary of the proposals, and their implications for firms.