TORI Approach to Consumer Duty

The FCA has published in July 2022 the final rules and guidance for a new Consumer Duty regulation that will set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first.

Consumer Duty is NOT a new version of the existing “fair treatment of customer” published by the FCA. The intention of this new regulation is to ensure Financial institutions re-think and shape their business models to deliver customers with “fair” value-for-money and transparency.