The Pension Solutions Group PSG SIPP

Consumer Duty

The Consumer Duty aims to set a higher level of consumer protection in retail financial markets through a new principle and suite of supporting rules and guidance set out by the FCA. More information on Consumer Duty can be found on the FCA Website and below.

The three key elements

Covered within the requirements set out in the Duty are:

  • A new consumer principle: “Firms must act to deliver good outcomes for retail customers”
  • Cross cutting rules designed to set out behaviours expected of firms
  • Four consumer outcomes which represent the key elements of the relationship between customers and firms and help to drive good outcomes for customers.

Cross cutting rules

In support of the overriding principle behind Consumer Duty of ensuring firms are putting their customers first is the introduction of three key behaviours:

  • Firms must act in good faith towards customers
  • Firms must avoid causing foreseeable harm to customers
  • Firms must enable their customers to pursue their financial objectives

Four consumer outcomes of The Duty

  • Products & services: to evidence that the design of all products and services continue to meet the needs, characteristics and objectives of their target market
  • Price & value: to evidence that that all products and services give fair value
  • Consumer understanding: to evidence that all communications are clear and not misleading.
  • Consumer support: to evidence that all customers are supported equally at all touch points.

What we're doing

We have created a series of documents to accompany our undertakings on the Consumer Duty and these can be found on the links below.

At PSGS we believe that this is an opportunity for firms to share their insights in the wider financial services market and build consumer trust. The Duty is not a one time ‘tick box’ exercise and we’ll continue to update this page when required.

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