What is the FCA's Consumer Duty?
Where a link is marked *, it is a partner link — we receive commission at no extra cost to you. Links without a * earn us nothing. How we make money.
In short: A 2023 FCA rule that requires financial firms to deliver 'good outcomes' for retail customers, including fair value and clear communication.
Last reviewed:
Reviewed by Kaiser Khan
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.
Primary source: gov.uk/complain-financial-service
Part of our Banking & current accounts
This quick answer sits inside our wider banking & current accounts hub — with sub-guides, calculators and step-by-step explainers on the same topic.
Read the full banking & current accounts guide →