What is Consumer Duty?

7 August 2023 | News

Last Monday, the Consumer Duty, a new piece of customer-centric regulation for the financial services industry, went live. The intention is that the duty has far-reaching, positive effects for customers, both in terms of the price they pay for financial products and the service they receive.

Under the Duty, firms are required to act to achieve good outcomes for customers, protecting them from foreseeable harm and helping them achieve their financial objectives. The focus will be on whether a fair price is paid, the financial product offers good value, and whether customers are able to understand the features, benefits, and risks of a product to make informed choices about what suits them. The FCA also want to see customers receiving a good level of support when they are experiencing hardship, vulnerability or are making a complaint.

We are proud to be a team of compassionate, customer-focused, and innovative people who are always looking for new ways to make it easier for our customers to get in touch with us and offer flexibility around how they can manage their agreements.

We are really excited by this regulation at Billing Finance. It sums up what we like to think we’re good at, which is putting customers at the heart of everything we do.