Policy Briefing — UK FCA Consumer Duty Final Rules
The UK Financial Conduct Authority published PS22/9 finalising the Consumer Duty, requiring firms to evidence good customer outcomes across products, price, service, and support.
Executive briefing: The UK Financial Conduct Authority (FCA) issued Policy Statement PS22/9 on July 27, 2022, finalising the Consumer Duty with staged implementation dates beginning July 31, 2023 for open products.
Immediate compliance priorities
- Implementation planning. Approve Consumer Duty implementation plans at board level and appoint Duty Champions to oversee delivery.
- Outcome testing. Map products and services against the Duty’s four outcomes (products and services, price and value, consumer understanding, consumer support) to identify remediation needs.
- MI and reporting. Define management information demonstrating fair value assessments, communications testing, and support responsiveness.
Control alignment
- Product governance. Update PROD documentation, target market definitions, and distribution oversight to evidence fair value.
- Training. Deliver role-specific training emphasising Duty standards, cross-cutting rules, and escalation triggers.
- Assurance. Embed Consumer Duty testing into compliance monitoring and internal audit plans.
Enablement moves
- Engage distributors and appointed representatives to align Consumer Duty expectations across the value chain.
- Leverage customer research, complaints analysis, and vulnerability data to evidence outcomes.
- Prepare annual board reports summarising compliance status, issues, and remediation actions as required by the Duty.
Sources
- FCA Policy Statement PS22/9 Consumer Duty
- FCA press release confirming Consumer Duty timelines and expectations
Zeph Tech helps UK firms with Consumer Duty implementation plans, fair value assessments, and outcome monitoring frameworks.