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Glossary · Banking

Consumer Duty

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Definition: An FCA standard requiring regulated financial firms to act to deliver good outcomes for retail customers.

In force from 31 July 2023 (extended to closed-book products from July 2024). Four outcomes: fair value, suitable products, clear communications, supportive customer service. Firms must monitor and evidence their outcomes.

Primary source: gov.uk/complain-financial-service

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