Consumer Duty, explained for customers
Most explanations of Consumer Duty are written for compliance departments. This one is written for you. It sets out what the rules actually require, what that should feel like when you deal with a regulated firm, and what to do when it does not.
The short version
In July 2023 the Financial Conduct Authority brought in the Consumer Duty. The old standard was roughly “treat customers fairly”. The new one is higher: firms have to act to deliver good outcomes, and be able to show they did.
That is a meaningful shift. Under the old rules a firm could follow every process, tick every box, and still leave you with something that did you no good. Under the Duty, the outcome is the test.
The four outcomes
The Duty breaks down into four areas. Each has its own page with plain-English detail and worked examples.
Products and services
The product has to suit the people it is sold to
Price and value
What you pay has to be worth what you get
Consumer understanding
You should actually understand what you have bought
Consumer support
Getting help should be as easy as buying
What it should feel like in practice
| You should expect | Not |
|---|---|
| Being asked what you already have before anything is recommended | Being quoted before anyone knows your situation |
| Being told how the firm gets paid, without asking | Finding out later, or never |
| The exclusions explained as clearly as the benefits | Exclusions left in a document you were never walked through |
| Being told when a product is not right for you | Every conversation ending in a sale |
| Being able to reach someone at claim stage | Easy to buy from, hard to find afterwards |
| Knowing how to complain before you need to | Having to hunt for it |
Free.
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Common questions
What is Consumer Duty in plain English?
Does it apply to That’s Family Finance?
What should I do if a firm falls short?
Is this just paperwork, or does it change anything?
What are the four outcomes called?
How do I check broadband speed at a property?
If we fall short
Tell us. We would rather hear it than not. Our complaints procedure sets out how to raise it, what happens next and how long it takes. If you are not happy with our answer you can take it to the Financial Ombudsman Service, which is free and independent of us.
You can also check us on the FCA Register before you deal with us at all. That is worth doing with any firm.
Plain English protection guides
Protecting the mortgage is the part we advise on ourselves. Read how mortgage protection insurance works, including which type of cover suits which situation.