In November 2017, we published Our Future Approach to Consumers consultation paper. This was the start of a discussion with our many stakeholders on our Approach to regulating for retail consumers. We received a wide range of responses and we have used the responses to inform our Approach to Consumers and feedback statement.
The UK has left the EU and the transition period has ended. References to the EU in these documents may no longer be relevant or correct.
Our Approach to Consumers sets out our vision for well-functioning markets for consumers and the conditions we want to see to achieve this. We also explain how we use our powers and tools to protect consumers, and commit to review and adapt these to ensure we achieve the greatest impact for consumers.
In May 2021 we published a consultation paper (CP21/13) proposing to introduce a new ‘Consumer Duty’ to form part of our range of regulatory tools to tackle consumer harms and raise standards across retail financial services markets. It would comprise a new Principle and a suite of other rules and guidance. This Duty would set a new and higher expectation of the standards of conduct that we expect from firms, putting consumers in a better position to take responsibility for meeting their financial needs and objectives.
In February 2021 we published final Guidance that sets out what firms should do to treat vulnerable customers fairly, which is necessary to comply with our Principles.
To get in touch, please contact us at [email protected]