Consumer Duty 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.



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.


Why Choose StarCompliance?

Our future-ready compliance solutions deliver powerful results.

Extensive workflows are highly configurable, powered by conditional logic.

Tailor time zone, currency, language, and more for global employees.

Drive employee adoption with ease and simplify employee access via standard authentication and/or single sign-on.

Quickly and easily get real-time analytics through customizable dashboards and reports.

Safeguard sensitive data with multi-layered access rights based on division, department, role, location, and more.

Gain a 360-degree view of your employee compliance anywhere with scalable, cloud-ready software and integrations with Snowflake, Thoughtspot, and PowerBI.

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The Beginning

Final rules and guidance published

Finalizes Implementation Plan

Firms’ boards (or equivalent management) body finalizes implementation plans

Reviews Complete

Manufacturers complete all reviews necessary to meet outcome rules for existing open products and services and identify where changes need to be made

Implementation Deadline

Implementation deadline for new and existing products or services that are open to sale or renewal

Implementation Deadline

Implementation deadline for closed products or services

Consumer Duty At A Glance

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

Firms must act to deliver good outcomes for retail customers

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

Firms must deliver positive outcomes related to:

  • Products and services
  • Price and value
  • Consumer understanding
  • Consumer support