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What is the Consumer Duty? The FCA's rules for good customer outcomes

By SendPay Business · · 2 min read

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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

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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.

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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.

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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.

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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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How it works

Your own money app
  1. Name it and pick your colours
  2. Choose what it does
  3. Launch when you are ready

Why sign up

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It's all about creating your own financial platform with ease. Start with a free account today.

  • A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
  • Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
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  • Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.

Questions people ask

What is the Financial Ombudsman Service?

The free service for money complaints.

The Financial Ombudsman →
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What is safeguarding? →
What is PSD2?

The EU rules behind open banking and strong authentication.

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Spotted a mistake or something out of date? and we'll fix it. How our guides are made

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. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.