# What is the FCA's Consumer Duty?

> Quick answer · Last updated 1 April 2026

Canonical HTML: https://moneyguide.org.uk/answers/what-is-consumer-duty/
Markdown mirror: https://moneyguide.org.uk/answers/what-is-consumer-duty.md

## In short

A 2023 FCA rule that requires financial firms to deliver 'good outcomes' for retail customers, including fair value and clear communication.

The Consumer Duty came into force on 31 July 2023 for new and existing products, and from July 2024 for closed-book products. It sets a higher standard of consumer protection than the previous 'treating customers fairly' principle.

The Duty has four 'outcomes' firms must deliver: fair value (price reflects benefit), suitable products, clear communications, and good customer support. Firms must monitor and evidence the outcomes they deliver.

If you think a firm has fallen short, complain to the firm first. If you are not satisfied, escalate free to the Financial Ombudsman Service within six months of the firm's final response.

## Related

- [Banking guide](https://moneyguide.org.uk/banking/)

## Primary source

gov.uk/complain-financial-service

---

Independent UK money guidance from [Money Guide](https://moneyguide.org.uk). Information only — not regulated financial advice.