Consumer Duty Flyer - Flipbook - Page 2
Consumer Duty is not TCF 2.0. It is a much more wide-ranging initiative, and a clear statement of
intent from the FCA that they are seeking an industry-wide shift in the treatment of retail
customers.
Act in good faith
toward retail
customers
4 Outcomes
The Consumer
Duty difference
Products and services
Price and value
It is the combination of the cross-cutting rules
and the four outcomes that differentiates the
Consumer Duty requirements from existing
handbook rules and guidance.
The interrelationship between these two
elements creates a broad scope of
expectations. This means Consumer Duty
cannot just be considered at the individual
product or service level. A holistic, firm-wide,
view must be taken.
Consumer understanding
Consumer support
Avoid
foreseeable
harm to retail
customers
Enable and support
retail customers
to pursue their
financial objectives
Crosscutting
rules
• Product design
• Customer journey
• Pricing
• Target market
• T&Cs
• Comms
• Servicing
• Vulnerable customers
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