Consumer Duty - The Consumer Understanding and Consumer Support Outcomes

The Consumer Duty comes into force for Insurance Intermediaries on 31 July 2023.

The Consumer Duty is asking firms to look at the sale of the product or service from the Customers Perspective.

The 4 Outcomes under the Consumer Duty are as follows:-

1. Product and Services Outcome
2. Price and Value Outcome
3. Consumer Understanding Outcome
4. Consumer Support Outcome.

The Products and Services outcome and the Price and value Outcome do not apply to any products that fall within the scope of the relevant Product Governance Rules.  This is because the . . .

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