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In this edition we outline recent good practice insights, detail on our supervisory and enforcement work under the Duty, highlight where the Duty is helping to support vulnerable customers, and update on our work to streamline rules and reduce complexity.
Review of products and services
Read our review and blog on how firms are designing products and services to better meet customer needs. The findings highlight the positive steps firms have taken to improve how they design, monitor and distribute products and services under the Consumer Duty.
We continue to focus on helping all firms apply the Consumer Duty in a proportionate and practical way.
We’ve updated existing good practice reviews on consumer support, complaints and root cause analysis and the price and value outcome with additional insight and examples, including for smaller firms.
We’ll continue to include extra insights for smaller firms in all new good practice materials, as well as updating more of our existing Duty best practice resources throughout the year.
In our latest Enforcement Watch newsletter, we provide insights on our approach to supervising and enforcing the Consumer Duty.
Read our consultation and blog on proposals to make the Consumer Duty more precise, proportionate and workable for wholesale financial businesses involved in retail markets.
Read Jonathan Pearson’s LinkedIn article about our involvement with the Collaboration Network’s recent Vulnerability Week, including:
- the importance of sharing good practice to improve outcomes for vulnerable consumers
- being aware of the increased risks during major football tournaments, including spikes in gambling harm and domestic/economic abuse
- reminders about our expectations under the Duty for supporting vulnerable consumers.
In May we spoke to charity Money and Mental Health, who explained how the Consumer Duty has helped firms better support consumers affected by gambling and how they’ve relied on the Duty in their Gambling Harms Action Lab.
As part of our ongoing work to streamline our rules and reduce complexity following the introduction of the Consumer Duty, we’ve published updates to the Handbook following CP25/37. For more information read Handbook notice 142.
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