What is the Consumer Duty? The FCA's rules for good customer outcomes
By SendPay Business · · 2 min read
The Consumer Duty is a set of Financial Conduct Authority rules that require regulated firms to deliver good outcomes for retail customers. It came into force on 31 July 2023 for products still on sale, and on 31 July 2024 for closed products.
The four outcomes
- Products and services: designed to meet the needs of the customers they're sold to.
- Price and value: what customers pay is reasonable for what they get.
- Consumer understanding: communications that customers can actually understand.
- Consumer support: help that's easy to get, including when customers want to complain, switch or leave.
What it changed
Before, firms mostly had to avoid breaking specific rules. The Duty asks them to act to deliver good outcomes, to avoid causing foreseeable harm, and to check the results with evidence, such as complaint levels and how customers actually use a product.
What it means for a money app
If you launch a financial product in the UK, the regulated firm behind it is covered by the Duty. Clear fees, plain-English terms and easy support are part of meeting it, not just nice extras.
Where SendPay fits
SendPay platforms let you launch accounts, cards and payments under your own brand, powered by licensed partners, with fees you set and show to your customers.
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Create your own financial platform.
Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
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What is the Financial Ombudsman Service?
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.