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
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.