The Financial Conduct Authority (FCA) says firms are making improvements to how they design products and services in response to the Consumer Duty. The regulator highlights that consumers should be able to trust that products and services are created for them, are monitored appropriately once they are on the market, and deliver the outcomes firms expect. The FCA frames these changes as part of ongoing work to ensure firms meet the standards set under Consumer Duty, which focuses on outcomes for customers rather than only compliance with rules. The regulator’s assessment indicates that businesses are taking steps to better align design and governance processes with customers’ needs. While the FCA does not suggest that all issues have been resolved, its findings point to progress in the way firms consider consumer outcomes throughout the product lifecycle, including after launch. Overall, the FCA emphasizes that effective design and monitoring are central to ensuring consumers receive the benefits that firms intend and that regulators can expect under Consumer Duty.
FCA says firms are improving product and service design under Consumer Duty
The Financial Conduct Authority (FCA) says firms are making improvements to how they design products and services in response to the Consumer Duty. The regulator highlights that consumers should be ab...
- The FCA reports firms are improving how they design products and services under the Consumer Duty.
- The regulator says customers should be able to trust that products and services are designed for them.
- The FCA emphasizes ongoing monitoring of products and services after they are launched.
- The FCA says firms should deliver the expected outcomes for consumers.
- The findings are presented as progress toward meeting Consumer Duty standards.
People should be able to trust products and services are designed for them, monitored properly, and deliver expected outcomes, the regulator said.
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