Consumer Duty

Objectives

On completion of this tutorial, you will be able to:

• Recognise why the Consumer Duty is needed

• Identify the three components of the Duty: the Consumer Principle, the cross-cutting obligations and the four outcomes

• List firms’ obligations under the Duty

• Describe why firms must monitor retail customer outcome

Tutorial Overview

The Consumer Duty is a package of measures aimed at increasing the level of consumer protection in the UK’s retail financial services market. It has three components and is based on the principle that all firms operating in the market must act to deliver good outcomes for retail customers. This tutorial provides a high-level overview of the Consumer Duty and firms’ obligations under it.

Prerequisite Knowledge

None

Tutorial Level

Introductory

Tutorial Duration

60 minutes