Consumer Duty and navigating its impact on consumers

Consumer Duty was implemented for open business on 31 July 2023 and for legacy business will be implemented on 31 July 2024.

Going forward, the Financial Conduct Authority (“FCA”) will measure the success of Consumer Duty using their Financial Lives Survey which they run every 2-3 years, as they believe it provides beneficial insights into how UK consumers are feeling and interacting with financial services firms.