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Description

Adopted Consumer Duty for financial services including digital payment providers

On 27 July 2022, United Kingdom's Financial Conduct Authority (FCA) published the Consumer Duty final rules, along with feedback to its previous consultation on the issue. The rules will apply to new products from 31 July 2023. The rules introduce a new standard of care for regulated firms towards their consumers, and affects regulated firms (including the e-money and payments sector), in addition to consumer organisations and individual consumers and industry groups and trade bodies. The Consumer Duty has two main objectives: consumer protection and the promotion of competition in the interest of consumers. The final rules introduce a Consumer Principle which requires firms to act in the interest of delivering good outcomes for consumers, a requirement which is met by acting in good faith, avoiding foreseeable harm, and supporting consumers in the pursuit of financial objectives. Firms are required to take the specific characteristics of their customers, including any vulnerabilities, into account.

Original source

Scope

Policy Area
Other operating condition
Policy Instrument
Consumer protection regulation
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body

Complete timeline of this policy change

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2021-05-13
in consultation

On 13 May 2021, the United Kingdom's Financial Conduct Authority (FCA) published a consultation pap…

2021-07-31
processing consultation

On 31 July 2021, the United Kingdom's Financial Conduct Authority (FCA) closed its consultation pap…

2021-12-07
in consultation

On 7 December 2021, the United Kingdom's Financial Conduct Authority (FCA) published a second consu…

2022-02-15
processing consultation

On 15 February 2022, United Kingdom's Financial Conduct Authority (FCA) closed the further consulta…

2022-07-27
adopted

On 27 July 2022, United Kingdom's Financial Conduct Authority (FCA) published the Consumer Duty fin…

2023-07-31
in force

On 31 July 2023, the United Kingdom's Financial Conduct Authority (FCA) implemented the Consumer Du…