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20 Sep 2023

ACT members will benefit from a long term discounted commission of just 3%

18 Sep 2023

New statistics showing a 5% fall in cycling from last year should be a “wake-up call for the government” and are due to the Government's "flawed" decision to slash the...

18 Sep 2023

The government’s Active Lives Survey has revealed that, in 2022, Cambridge (50%), Oxford (35%), Isles of Scilly (30%), Hackney (28%), and Southwark (25%) were the five local authorities in...

18 Sep 2023

ACT member Balfe’s Bikes has begun its plan to introduce Cytech apprentices to its stores and upskill existing staff through the Cytech training programme.

15 Sep 2023

The team from Whistler Adventure School (WAS), which recently became the only centre in Canada accredited to offer Cytech technical three, is to deliver a series of free sessions in Scotland,...

6 Sep 2023

Offers designed to help Londoners 'make the green transition' following the expansion of the ultra low emission zone (ULEZ) last month include a range of discounts, offers or trials available...

6 Sep 2023

A new report on the state of the UK cycle industry suggests that bike sales have fallen once again, months after it was reported that they had fallen to a 20-year low in 2022.

6 Sep 2023

Rebecca, staff member with the ACT has released an EP on the music platform Spotify, with popular local band Thee Derelique.

5 Sep 2023

A Government energy efficiency campaign has been launched to help SME businesses across the UK to both better understand and reduce their energy usage - and in turn reduce their energy bills....

4 Sep 2023

New research has named Danish capital Copenhagen as the best city for cyclists in Europe, with one-third (33%) of the city choosing to travel by bike. Copenhagen is also one of the safest cities...

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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.

FCA logo

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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