The Financial Conduct Authority (FCA) in July 2022, confirmed plans to introduce a Consumer Duty which is intended to set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first.
The FCA has seen practices by some firms that cause harm. These include presenting information in a way that exploits consumers by selling products or services that are not fit for purpose or providing poor customer support.
The FCA has set new rules to tackle the causes of those harmful practices that negatively impact consumers. Consumer duty comprises a new consumer principle, rules on cross-cutting, and rules relating to four outcomes (products and services, price and value, consumer understanding, and consumer support). At Kyshi we are working on implementing the new rules which will come into effect on 31st July 2023 for all our products.
What is Kyshi doing about Consumer Duty?
The new Consumer Duty Rules will empower customers with the necessary support and knowledge in order to make informed decisions and avert foreseeable harm to them.
The rules require us to ensure the right things are put in place for the attainment of good customer outcomes in our business. We recognize that the rules are closely aligned with our strategy and see delivering good outcomes for our customers as a shared goal of all our stakeholders, including regulators.
We have put the necessary policies and procedures in place for implementing the new consumer duty rules in order to achieve good outcomes for our esteemed customers.
We will continue to place our customers at the heart of all we do, support them with the right information and ensure good outcomes for them in their relationship with us. We will continue to treat consumer duty implementation as a top priority in all our actions, product development, services, and discussions during senior management meetings.
This will help us to maintain a culture of continued focus in our drive towards sustainable good outcomes for our customers.
Additional information on Consumer Duty
Please visit our FAQs on this website for more information on the Consumer Duty rules. If you require additional information on the new Consumer Duty rules and the planned changes they would engender in the industry, please visit the FCA’s website: https://www.fca.org.uk/firms/consumer-duty
Consumer Duty Champion