The FCA Consumer Duty is a regulatory standard set by the UK Financial Conduct Authority requiring financial firms to deliver good outcomes for retail customers. It mandates that firms act in good faith, avoid foreseeable harm, support customers in pursuing their financial objectives, and demonstrate fair value, clear communications, and adequate support. The Duty raises the bar above prior ‘treating customers fairly’ expectations and applies across products, pricing, and service channels.
Content
- The Duty is structured around a Consumer Principle, three cross-cutting rules, and four outcomes covering products and services, price and value, consumer understanding, and consumer support. Firms must evidence ongoing monitoring of customer outcomes, making the Duty a continuous compliance obligation rather than a one-time disclosure requirement, with implications for AI-driven support and call-centre interactions.