In today's complex purchasing environment, consumers often struggle to trust financial firms and understand the true value of products and services. To address this issue, the Financial Conduct Authority (FCA) has introduced Consumer Duty, a set of rules that aim to improve the consumer experience. This comprehensive guide explores the specifics of Consumer Duty, its impact on financial firms, and provides valuable insights on planning, implementing, and monitoring strategies to comply with the upcoming standards.
Consumer Duty sets a higher bar for financial firms, going beyond the existing Treating Customers Fairly (TCF) mandate. It focuses on empowering consumers to make benefit-focused decisions while promoting trust and transparency. With Bonafidee's guide, you'll gain a deeper understanding of the principles and rules underpinning Consumer Duty. Explore how you can foster trust, simplify complexity, and meet the expectations of your customers. Discover strategies to enhance transparency, drive positive outcomes, and position your firm as customer-centric.
