The FCA introduced the Consumer Duty to ensure consistent good outcomes for retail customers. The duty already applies to new and existing products and services open to sale or renewal, and will come into force for closed products and services on July 31, 2024.
The Consumer Duty comprises an overarching “Consumer Principle”,
The impact of UK Consumer Duty on your third party contracts
Consumer Duty means firms must put appropriate arrangements in place with their suppliers and third parties.