Supporting you with the Consumer Duty

Helping you to understand the Consumer Duty and supporting you with the actions you need to take

On this page

What is the Consumer Duty?
Key documents - Target market assessment and assessment of value
What are your firm’s obligations under Consumer Duty?
Consumer Duty: The next steps by the FCA

For the latest information and guidance from the FCA visit www.fca.org.uk/firms/consumer-duty

What is the Consumer Duty?

The FCA Consumer Duty regulation sets the standard of care that firms should give to customers in retail financial markets.

The Duty places an increased emphasis on firms consistently putting the needs of their customers at the centre of their businesses. It is a package of measures comprising three parts:

  • a new Consumer Principle provides an overarching standard of conduct the FCA expects from firms. Firms must ‘act to deliver good outcomes for retail customers’
  • a set of cross-cutting rules that require three key behaviours from firms when acting to deliver these outcomes
  • four outcomes setting out more detailed rules in key areas of the firm-customer relationship
Download our 'Guide to the Consumer Duty' for more in-depth information
The FCA expects the Duty to be reflected in firms’ strategies, governance, leadership and people policies. Senior managers are accountable for delivering the higher standards and good customer outcomes required within their areas of responsibility.
The Duty applies to all FCA-regulated firms that provide products and services to retail customers.

Target market assessment and assessment of value

Consumer Duty requires all products and services to meet the needs, characteristics and objectives of the identified target market. It also requires firms to assess whether a product or service provides fair value for a customer.

To help you assess whether one of our funds is potentially suitable for your client, and represents fair value, you can view these summary spreadsheets:

You can also find more detailed information on the assessment of value for our range below:

What are your firm’s obligations under Consumer Duty?

The FCA have issued a number of publications, plus a podcast series, where you can find full details of your obligations. You can find links to them all below.

FCA publications

Final rules, along with practical guidance to help firms meet those rules, were published in July 2022:

PS22/9 Finalised Policy Statement

Download

FG22/5 Finalised Guidance

FG225 Final non-Handbook Guidance for firms on the Consumer Duty thumbnail
Download

Dear CEO/Director letter – January 2023

Consumer duty - Dear CEO/Director letter -thumbnail

Most recently the FCA sent a letter to the CEOs/Directors of intermediaries reminding them of the implementation timeline, plus their expectations around implementation

Download

FCA Consumer Duty implementation: good practice and areas for improvement

The Consumer Duty came into force for open products and services on 31 July 2023. We welcome the improvements made by many firms to deliver better outcomes for their customers

Read

Consumer Duty – Not once and done

The FCA’s Director of Cross Cutting Policy and Strategy, delivered a speech on the 1st November marking three months since Consumer Duty came into force.





Read

Firms also need to take into account the FCA’s Guidance for firms on the fair treatment of vulnerable customers (FG21/1) when considering how to comply with the Duty.

Inside FCA podcasts​

This series of podcasts covers each of the four Consumer Duty outcomes plus the FCA’s expectations around the 30 April deadline.

What is the price and value outcome?

Read transcript

Understanding the Consumer Duty products and services outcome

Read transcript

Explaining the Consumer Duty consumer understanding outcome

Read transcript

What does the Consumer Duty consumer support outcome mean?

Read transcript

Consumer Duty information sharing and the April milestone

Read transcript

Explaining Consumer Duty outcomes monitoring

Read transcript

Consumer Duty toolkit

A set of materials to help you with implementation.

The background, structure, new principle, cross-cutting rules and four outcomes of the Consumer Duty
Based around the four outcomes, check if you’re on track to meet the requirements of the Duty
The types of management information that the FCA might be looking for under Consumer Duty
Split by outcome, check for any gaps in your review of your current documents, policies and procedures

Consumer Duty: The next steps by the FCA

The Consumer Duty came into force on 31 July 2023, setting a higher standard of consumer protection in financial services.

The FCA hosted a webinar on 6 December 2023 to help firms understand our expectations now the Duty is in force. This focused on the following areas:

  • Our supervision and enforcement approach
  • Sector specific areas of focus
  • Examples of good practice
  • Next steps for firms

    • The webinar will be of interest to regulated firms, trade associations, professional bodies and compliance consultants.
    Watch the webinar on demand

    Want to learn more?

    If you want to learn more about Consumer Duty and earn CPD while you do so, visit Adviser Edge, our training and development hub for financial intermediaries:
    Signing contract

    The FCA Consumer Duty

    Key takeaways:

    • understand the fundamental principles of the new Consumer Duty regulation
    • explain the core concepts of the Consumer Duty cross cutting rules
    • review established current documents/policies/templates in relation to the Consumer Duty regulation
    Find out more

    FCA Consumer Duty: Feedback on firms’ implementation plans

    Key takeaways:

    • understand the FCA’s views on the Consumer Duty implementation plans of large firms
    • identify the key areas of Consumer Duty that the FCA believe firms should focus their attention on in the remaining period for implementation
    Find out more
    Signing contract

    Consumer Duty and the CT Universal MAP ranges

    Explore our toolkits designed to bring together the necessary information and resources to support meeting your Consumer Duty obligations when recommending the CT Universal MAP and CT Sustainable Universal MAP ranges.

    *Columbia Threadneedle Investments includes all data from the following entities:
    Threadneedle Management Luxembourg S.A.
    Threadneedle Investment Services Limited
    Threadneedle Pensions Limited
    Columbia Threadneedle Management Limited
    Columbia Threadneedle Luxembourg S.A.
    Thames River Capital LLP
    Columbia Threadneedle (EM) Investments Limited
    Columbia Threadneedle Investment Business Limited
    Columbia Threadneedle Multi-Manager LLP
    Columbia Threadneedle Managers Limited

    **Threadneedle Investment Services Limited includes funds in the following ranges:
    Columbia Threadneedle Investment Funds (UK) ICVC
    Columbia Threadneedle Opportunity Investment Funds (UK) ICVC
    Columbia Threadneedle Specialist Investment Funds (UK) ICVC
    CT UK Property Authorised Investment Fund
    CT UK Property Authorised Trust

    ***Columbia Threadneedle Fund Management Ltd includes funds in the following ranges:
    Columbia Threadneedle (UK) ICVC I
    Columbia Threadneedle (UK) ICVC II
    Columbia Threadneedle (UK) ICVC III
    Columbia Threadneedle (UK) ICVC IV
    Columbia Threadneedle (UK) ICVC V
    Columbia Threadneedle (UK) ICVC VI
    Columbia Threadneedle (UK) ICVC VII
    Columbia Threadneedle (UK) ICVC IX
    Columbia Threadneedle (UK) ICVC X
    CT Diversified Monthly Income Fund
    CT Property Growth & Income Fund ICVC
    CT UK Property ICVC CT UK Property Feeder Fund