Consumer Duty Compliance: Resource Center

CONSUMER DUTY
RESOURCES

Everything you need to be compliant with the new regulation.

[Part 1] Consumer Duty & Its Impact on SMCR_Event Thumb

WEBINAR ON-DEMAND

Sara Cody of LinkLaters LLP joins StarCompliance to shed light on what should be happening and the significant impact Consumer Duty truly has on SMCR. Sara will provide critical guidance and direction for ensuring your business can support Consumer Duty in the long term.

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What is Consumer Duty?

The Consumer Duty Act is a set of rules developed by the Financial Conduct Authority (FCA) to create higher and clearer standards of consumer protection within the retail financial services space and to motivate firms to prioritize consumer needs. As of 31 July 2023, Consumer Duty is in full effect, and StarCompliance is here to help businesses such as yours achieve Consumer Duty compliance and drive better outcomes for their customers.

Group of smiling people sitting around a table in a boardroom with wood walls with A navy blue text overlay with white font is also included

Consumer Duty Implementation Timeline

Consumer Duty Compliance at a Glance

Under the new Consumer Duty Act, businesses are subject to the following requirements:

Consumer Principle

Firms must act to deliver good outcomes for retail customers

Cross-cutting Rules

Firms must:

Act in good faith towards retail customers
Avoid causing foreseeable harm to retail customers
Enable and support retail customers to pursue their financial objectives

Four Outcomes

Firms must deliver positive outcomes related to:

Products and services
Price and value
Consumer understanding
Consumer support

Is Your Firm Ready for Consumer Duty?

Here are a few steps you can take to set your firm up for success:

Familiarize yourself with the FCA’s Consumer Duty requirements
Get to know your customers through consumer research
Define positive customer outcomes
Review existing customer journeys and processes to ensure Consumer Duty alignment

Make sure your employees fully understand Consumer Duty requirements and expectations
Establish and implement FCA Consumer Duty policies and procedures
Closely monitor Consumer Duty compliance and make adjustments to operations and policies as needed
Download our Consumer Duty Checklist

STAR BLOG

Consumer Duty: Why Individual Accountability and Training & Competency Solutions Matter

In the UK, the Financial Conduct Authority (FCA) is looking to bring higher and clearer standards of consumer protection in retail financial services through its Consumer Duty Act, which will see Consumer Duty applied to up to 51,000 financial firms regulated by the FCA*.

WORKING WITH THE BEST AND BRIGHTEST

Star Partner Resources

Bovill

Additional Resources

BOVIILL RESOURCES

Linklaters

Additional Resources

LINKLATERS RESOURCES

CCL Academy

Additional Resources

CCL RESOURCES

The Cost of Non-Compliance

Regulatory bodies around the globe aren’t letting up and the cost of non-compliance
can run into billions of dollars, and that’s only the financial impact.