The Consumer Duty comes into force on 31 July 2023. The intention behind the Consumer Duty is to fundamentally improve the way consumers are looked after by firms. It is a shift to outcomes-based regulation which has the intention of changing the mindset/culture of firms to put their customer's needs first.
The Duty is made up of an overarching principle, cross-cutting rules that set out the conduct expected of firms and the consumer outcomes which provide the rules and guidance to meet the requirements under the Consumer Duty.
The Duty means that consumers should receive; communications . . .
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