Consumer Duty
The Consumer Duty is an FCA standard, in force from 31 July 2023, requiring regulated firms to deliver good outcomes for retail customers. It sets a consumer principle plus four outcomes: products and services, price and value, consumer understanding, and consumer support.
The Duty raises the bar from treating customers fairly to actively delivering and evidencing good outcomes, including for customers in vulnerable circumstances. Firms must monitor outcomes with data and act where groups of customers are being harmed.
For lenders, this means being able to show affordability was assessed properly, communications are understood, pricing offers fair value, and support is available throughout, including in arrears.
Credit Canary builds consumer duty into one platform for UK lenders, with the data and decisioning behind it.
Consumer Duty readiness checkerSee consumer duty in a working platform
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