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What is the FCA Consumer Duty and how does it affect your firm?

The FCA Consumer duty is a key principle of the regulatory framework that governs the financial sector in the UK. This principle requires financial firms to always act in the best interests of their customers and to put the interests of consumers first when carrying out their activities.

What is the FCA Consumer duty?

Consumer duty was introduced as part of the FCA's broader strategy to improve the way that complaints are handled within the financial sector and to ensure that consumers are treated fairly. This duty complements other key principles of the FCA's regulatory framework, such as the requirement for firms to act with integrity and the requirement for firms to manage conflicts of interest in a fair and transparent manner.

In this article, we will explore the FCA Consumer duty in more detail, and we will look at the key requirements that financial firms must meet in order to comply with this principle.

We will also look at the role that the FCA plays in enforcing the FCA Consumer duty, and we will consider some of the challenges that firms may face in meeting their