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The Consumer Duty

The Financial Conduct Authority (FCA) introduced the Consumer Duty on 31 July 2023. It sets a new standard for consumer protection.

This page sets out what’s in the Consumer Duty and how it affects your complaint.

What is the Consumer Duty?

The Consumer Duty is a set of rules for financial services firms, introduced by the FCA, the financial services regulator.

It sets a new standard for consumer protection, by requiring financial businesses in the UK to “act to deliver good outcomes for customers”.

The Consumer Duty introduced three cross-cutting rules for financial businesses:

  • Act in good faith
  • Avoid causing foreseeable harm
  • Enable and support retail customers to pursue their financial objectives

See if the Consumer Duty applies to your case below.

The four outcomes

The Duty sets out four outcomes to help improve customer service and protect consumers.


Products and services

A firm should only sell products and services that meet the needs and characteristics of its customers, and support their objectives

Price and value

The price of a product or service should be reasonable in comparison to the overall benefits it provides

Consumer understanding

Firms must give customers the information they need – at the right time and in a way they can understand – so that they can make informed financial decisions

Consumer support

Firms should support their customers to use the products and services they’ve bought

The rules require firms to consider the needs, characteristics and objectives of their customers – including those with characteristics of vulnerability.

How will the Consumer Duty affect me?

The FCA expects the Consumer Duty to drive up standards so that firms improve their customer service. It should mean that:

  • you can find financial products and services that offer good value without any hidden costs
  • firms offer you services and products that are right for you
  • correspondence and marketing materials from financial companies – including brochures, letters, emails, and terms and conditions – are easier to understand
  • it’s easier to sort out problems, and to switch or cancel financial products and services
  • if you’re in a vulnerable situation – for example, because of ill health or financial difficulty – a firm will have to take this into account

As a consumer, you’re still responsible for your choices and decisions. But you can only be expected to take that responsibility if:

  • you can trust that the range of products and services you choose from are designed to meet your needs and offer fair value
  • you get any help you need to understand products and services, and
  • you can be confident that firms will act in a way that helps, rather than hinders, your ability to make decisions in line with your needs and financial objectives

Does the Consumer Duty apply to my case?

That depends on when:

  • the product or service you're complaining about was marketed or available to buy
  • the incident you're complaining about took place

  • What you're complaining about happened:

    • on or after 31 July 2024

      The Consumer Duty may apply to your case

    • between 31 July 2023 and 31 July 2024

      The Consumer Duty may apply to your case if the product or service you're complaining about was available to buy or renew on or after 31 July 2023

    • before 31 July 2023

      The Consumer Duty doesn't apply to incidents that happened before 31 July 2023

How does the Consumer Duty impact my case?

If the Consumer Duty applies to your case, we’ll take it into account – along with other rules and regulations – when we investigate your complaint. Our role is to decide what’s fair and reasonable in each case. To do this we take into account:

  • the facts and circumstances of the complaint
  • the relevant law
  • any regulations that applied at the time
  • good industry practice and relevant regulatory guidance

The Consumer Duty is regulatory guidance. So, where it’s relevant, it may be one of the things we consider when weighing up whether:

  • the business did what we’d expect it to do, and
  • you’ve been treated fairly

If something didn’t go as we’d expect, we’d then look at:

  • how that has impacted you as an individual, and
  • what needs to happen to put things right