It outlines Principle 12, cross-cutting rules, and four key outcomes—Products and Services, Price and Value, Consumer Understanding, and Consumer Support—with clear implementation processes. Featuring customizable templates, it supports SMCR accountability, audits, and Q1 2025 thematic reviews for holistic, customer-centric compliance.
Overview of Obligations Under the Duty
Background on the Consumer Duty
Applicability to Staff and Third Parties
Consequences of Non-Compliance
Principle 12: Act to Deliver Good Outcomes for Retail Customers
Conduct Rule 6: Individual Responsibility
Application to Products, Services, and Activities
Relationship to Other Principles (e.g., Superseding Principles 6 and 7)
Cross-Cutting Obligations
The Four Outcomes
Design and Governance Requirements
Target Market Identification
Value Assessment Process
Factors Beyond Price (e.g., Benefits, Distribution)
Communication Standards
Testing and Monitoring Understanding
Support Throughout the Customer Journey
Barriers to Access and Mitigation
Interactions Between Principle 12, Cross-Cutting Obligations, and Outcomes
Conduct Rules and SMCR Integration
Company Objectives for Compliance
Products and Services Governance
Approval Process Stages
Ongoing Review Mechanisms
Financial Promotions Compliance
Support Functions and Channels
Handling Vulnerabilities in Support
Embedding a Customer-Centric Culture
The Four Drivers of Culture (FCA Guidance)
Tailored Support and Outcomes
Training and Competence
Responsibilities
Example Templates (e.g., Fair Value Assessment Checklist)
FCA References and Resources
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