Consumer Duty sets higher standards for financial services customers

The Duty sets higher standards of consumer protection. Find out what this means for you and what you should do if your provider isn’t meeting these standards.

On 31 July, new rules came into force for financial services firms.

The new rules, known as the Consumer Duty, set a higher standard of consumer protection in financial services.

The Duty means you should get: 

• the support you need, when you need it 

• communications you understand 

• products and services that meet your needs and offer fair value 

We’re closely monitoring how firms are putting our new rules in place and will take action against those that aren’t following them.

Consumer Duty sets higher standards for financial services customers | FCA