Are you ready for Consumer Duty?

On the 31st of July, the all-new Consumer Duty regulations will formally come into effect and will impact any retailer offering finance and/or insurance to their customers.

These regulations are designed to put the customer first when it comes to financial services, ensuring they have all the information they need to make easy, well-informed decisions on financial services.

The regulations, brought in by the Financial Conduct Authority (FCA), place a far higher degree of responsibility on those offering financial services to consumers. It seeks to ensure customers receive these 'good outcomes’ and that firms provide evidence that these outcomes are being met. It applies to 'all firms who determine or have a material influence over customer outcomes – not just those with a direct customer relationship.'

If you are a retailer that offers finance and/or insurance on vehicle purchases, you will be subject to these new regulations and must adhere to them as of the 31st of July or risk being reported to the FCA.

We’ve put together a handy toolkit in partnership with leading legal and compliance firm, Auxillias, to help you understand what is expected of you and what changes you might need to make within your business to be compliant.

Download the Consumer Duty guide here

Watch our recent Consumer Duty webinars