Under the Financial Conduct Authority’s (FCA’s) new Consumer Duty, firms will be required to act to deliver good outcomes for retail customers. The duty will apply to new and existing products and services that are open to sale (or renewal) from July 31, 2023 and to closed books from July 31, 2024.
The FCA wants firms to fundamentally improve how they serve consumers in the UK and ensure their needs are always put first. But while the application of the duty to firms dealing directly with consumers is clear, what does it mean for wholesale firms whose services and products only impact consumers indirectly?
