FCA • Consumer Duty principles

How are you embedding Consumer Duty principles into your business?

The Consumer Duty principle “a firm must act to deliver good outcomes for consumers” is being embedded into our product management lifecycle, to enable us:  

  • Act in good faith toward retail customers.  
  • Avoid foreseeable harm to retail customers.  
  • Enable and support retail customers to pursue their financial objectives.    

Fair Value Assessments and product reviews will be updated to ensure that we’ve taken into account the good customer outcomes we’ve identified as critical. As with the FCA regulations stated in PROD4, Consumer Duty will be at the forefront of our design, testing, approval, distribution and monitoring.    

Alongside the Board oversight, we will be tracking Consumer Duty within our management review meetings. We will regularly review performance against the identified good customer outcomes using the management information we’ve identified as relevant for each area. Training will also be provided to all our employees to ensure they are knowledgeable and informed.  

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Disclaimer: The Financial Services Compensation Scheme (FSCS) does not cover electronic money products. No other compensation scheme exists to cover losses from your electronic money account. Your funds will be held in one or more segregated bank accounts with a regulated third party credit institution, in accordance with the provisions of the Electronic Money Regulations 2011. The card and account is issued by PayrNet Ltd and licensed by Mastercard International Incorporation. PayrNet Ltd is authorised by the FCA to conduct electronic money service activities under the Electronic Money Regulations 2011 (Firm Reference Number 900594).

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