Glossary · Banking
Consumer Duty
Last reviewed:
Definition: An FCA standard requiring regulated financial firms to act to deliver good outcomes for retail customers.
In force from 31 July 2023 (extended to closed-book products from July 2024). Four outcomes: fair value, suitable products, clear communications, supportive customer service. Firms must monitor and evidence their outcomes.
Primary source: fca.org.uk/firms/consumer-duty