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The new Consumer Duty is a set of regulations that were introduced by The Financial Conduct Authority (FCA) on the 31st of July 2023. These new regulations are applied to all regulated businesses in the financial retail sector and are being branded as a cornerstone moment in FCA regulations. It has replaced the Treating Customers Fairly core principles. Businesses need to take note and consumers should be made aware of how they are going to benefit.
The key takeaway as a financial services customer is that all regulated providers must deliver higher standards of services and go even further to help you make the right decisions when it comes to your finances.
There are three main elements to the new Consumer Duty, which offer an array of benefits to consumers:
The new Consumer Duty is great news for anyone receiving financial advice or relevant brokering services from a regulated provider.
Businesses now need to do even more and raise the bar to get the best experience and results for you. This aligns with our internal operating principles and we’re proud to adhere to the new regulations. Our mission remains the same – to provide excellent personalised services that have genuine benefits.
If you have any questions about the new Consumer Duty and how it affects the services you receive, don’t hesitate to contact one of our team who will be happy to assist.
Company address: Stevenson Burns Financial Planning, 13 Tannaghmore Road, Ballynahinch, County Down, BT24 8NT
T: 02844 812 906 E: info@stevensonburns.co.uk
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Stevenson Burns Financial Planning is a trading name of Paul Burns which is an appointed representative of 2plan Wealth Management Ltd which is authorised and regulated by the Financial Conduct Authority. Paul Burns is entered on the FCA register (www.FCA.org.uk) under no. 511529.
Registered office: 13 Tannaghmore Road, Ballynahinch, Co Down, BT24 8NT.
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.