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18 Jul 2024

Cytech training provider Activate Cycle Academy is to exhibit at the GT Malverns Classic Mountain Bike Festival 2024, an event often described as the “Glastonbury of mountain...

15 Jul 2024

The cycling industry is “ripe” for smart investment, and a renewed wave of merger and acquisition deals, as it looks ahead to a profitable 2025 and “significant” medium...

15 Jul 2024

The Independent has published its list of the best electric bikes of 2024 after testing a series of folding, hybrid and city e-bikes.

15 Jul 2024

Community groups and other not-for-profit organisations in Greater Manchester can now apply for funding to set up their own bike library.

15 Jul 2024

Andrew Goodacre, CEO of ACT parent company Bira -the British Independent Retailers Association – has met with the new Secretary of State for Business and Trade Jonathan Reynolds and...

15 Jul 2024

The London Cycling Campaign has teamed up with Lime and Loud Mobility to launch a new £100,000 ‘Share the Joy’ fund to increase cycling within...

8 Jul 2024

Become a Luchos Distributor - Deal Directly

2 Jul 2024

We recently reported that a £1 billion damages claim had been filed against Amazon on behalf of retailers selling on Amazon’s UK marketplace for illegally misusing their data and...

2 Jul 2024

In the first of an occasional series of features, we are delighted to introduce you to Ross, an expert trainer in Glasgow, and one of the most recent trainers to join the Cytech family.

1 Jul 2024

ACT member e-Velo is to open a new store in the Royal Arcade in Norwich in July, selling a range of e-bikes from some of Europe's top brands.

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Are you up to speed with the new Consumer Duty that comes into force at the end of July?

Posted on in Business News , Cycles News

The new Consumer Duty comes into force on 31 July 2023 for new and existing products and services. The aim is to set higher and clearer standards of consumer protection and to require firms to put their customers’ needs first.

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However, with less than a month to go, it’s crucial you’re asking the right questions to make sure you’re on track and making the most of the remaining time. To support this, The Financial Conduct Authority has been highlighting ten key questions that you can ask to help identify and remedy gaps or areas for improvement in your implementation of the Duty.
These are drawn from the questions in the FCA’s Finalised Guidance (FG22/5). You can expect to be asked questions like these in your interactions with the FCA, and they will expect your Duty champion and Chair to use these types of questions to guide senior level discussions.

The new rules comprise:

• A new Consumer Principle that requires firms to act to deliver good outcomes for retail customers.

• Cross-cutting rules providing greater clarity on our expectations under the new Principle and helping firms interpret the four outcomes (see below).

• Rules relating to the four outcomes we want to see under the Consumer Duty. These represent key elements of the firm-consumer relationship which are instrumental in helping to drive good outcomes for customers.

These outcomes relate to:

• products and services

• price and value

• consumer understanding

• consumer support

Our rules require firms to consider the needs, characteristics and objectives of their customers – including those with characteristics of vulnerability – and how they behave, at every stage of the customer journey. As well as acting to deliver good customer outcomes, firms will need to understand and evidence whether those outcomes are being met.

 

 

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