UK financial services firms: are you FCA Consumer Duty compliant?


The UK’s new Consumer Duty rule stipulates that financial consumers should receive communications that they can understand, products and services that meet their needs, offer fair value, and have the customer support they need—when they need it. Are you ready for it? 

Understand what the Consumer Duty means for financial services firms and how your team can prepare to create exceptional experiences for your customers with actionable customer feedback and insight that supports your FCA consumer duty compliance.



Rules and guidance published



Implementation plans established



Rules in effect for open products and services



Firms to complete reviews to meet outcome rules



Rules in effect for closed products and services

4 expected outcomes for financial firms

1. Customer understanding

Communications must be simple and give customers the information they need to make informed decisions

2. Design of products and services

Customers must have a frictionless customer experience in both digital and non-digital channels

3. Price and value

Customers must receive the most value for the price they're paying 

4. Customer support

Customer service must be proactive and helpful, and easy to register complaints or switch to a more suitable product or service (including from a competitor)

How UserTesting can help firms meet FCA expected outcomes

Discover key insights from your different groups of consumers through video feedback, collaborate across the organisation, and collect evidence

Check your FCA compliance readiness with UserTesting