WebThe four consumer outcomes give further detail on expectations for the core elements of a consumer/firm lifecycle. Firms will need to demonstrate they are able to achieve good … WebMeet specific obligations for customers in financial difficulty – Despite this being a key focus for a number of years they are still finding a lack of consistency in outcomes being delivered.
How will the FCA’s proposed Consumer Duty affect asset and
WebThe FCA believes this wording best reflects the outcomes focus of the Duty, which goes further than Principles 6 and 7, and is a clear break from existing terminology. What is required to deliver 'good outcomes' is explained by the new cross‑cutting outcomes rules and is supported by the FCA's guidance. WebAug 10, 2024 · Central to the FCA’s proposal is the introduction of a new consumer principle requiring firms to act to deliver good outcomes for retail customers. The consumer principle is underpinned by cross-cutting rules providing greater clarity on the FCA’s expectations under the new Principle and helping firms interpret the four outcomes (see in ... find weekday in python
The Consumer Duty – the cross-cutting rules - Ruth Finch
WebDec 10, 2024 · The FCA is proposing to introduce a new Consumer Principle that requires firms to act to deliver good outcomes for retail customers. The FCA has chosen this formulation in favour of the second option it socialised in the first consultation — “A firm must act in the best interests of retail clients”. The FCA considers that the Consumer ... WebMar 13, 2024 · Outcome 1: Consumers can be confident they are dealing with firms where the fair treatment of customers is central to the corporate culture. Outcome 2: Products … WebFeb 8, 2024 · The consumer outcomes – a more detailed set of requirements that apply to four key aspects of the customer relationship. This article considers the FCA’s proposals in respect of the second of these – the cross-cutting rules – set out in CP21/36, A new Consumer Duty: feedback to CP21/13 and further consultation, issued on 7 December … find week from date in python