Consumer Duty and You
Principle 12, known as the Consumer Duty says 'A Firm must act to deliver good outcomes for retail customers'. It came into force in July 2023 and the FCA's expectation is that all firms must not only abide by the principle, but be able to provide evidence that they are doing so, and report on it annually.
Ingeni were early adopters of the Consumer Duty principles, which chimed very closely with our own. We helped our customers implement it into their policies and updated their systems and reporting procedures. We are still helping those customers on an ongoing basis, providing data, guidance and advice as necessary.
Embedding Consumer Duty
The Consumer Duty is a far-reaching principle which impacts at every level of an organisation.
We can help you embed it into your business, making it simple for team members to work within the cross-cutting rules and helping promote good consumer outcomes with every sale.
The Cross Cutting Rules
A Firm must act in good faith towards their customers.
They must avoid foreseeable harm to those customers.
They must 'enable and support' customers to achieve their financial objectives.
Ingeni make these generalised rules work in practise, with specific systems and processes to drive good outcomes for consumers