FCA Consumer Duty

On 31st July 2023, the Financial Conduct Authority’s (FCA) Consumer Duty comes into force. The Consumer Duty ‘sets higher and clearer standards of consumer protection across financial services, and requires firms to put their customers’ needs first.

The Consumer Duty will introduce rules that require firms to act to deliver good outcomes for retail customers. These outcomes relate to products, services, price, value, consumer understanding and consumer support. The new rules also require financial services firms to consider the needs, characteristics and objectives of customers in order to deliver good customer outcomes as well as being able to understand and evidence whether the outcomes are being met.

As a firm that is authorised and regulated by the FCA, Ink Employee Benefits Ltd (Ink EB) recognises the importance of the Consumer Duty. We already believe that good outcomes for customers are at the heart of our strategy, business objectives and the services we deliver to employers and employees. We have taken all of the necessary steps to ensure that we are fully compliant with the Consumer Duty.

 At Ink, our values are: 

·         Keep it simple 

·         Do what you say you are going to do 

·         Know what you are talking about 

 We believe that these values align with producing the good consumer outcomes required under the Consumer Duty and ensuring that all of our clients receive value for money.

 If you have any questions about the FCA’s Consumer Duty, please don’t hesitate to contact us at hello@theinkgroup.co.uk.