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25 Jul 2023

Norwich has triumphed ahead of Newcastle and Belfast to be named the most cycle-friendly city in the UK, scoring  high marks for categories like cycle routes, bike sharing schemes and...

25 Jul 2023

ACT member BikeTown in Rutherglen is to hold a cycling festival in the lead-up to the 2023 UCI Cycling World Championships.

24 Jul 2023

Eleven local authorities in England have been funded to enable health workers prescribe walking and cycling to patients.

24 Jul 2023

Cycling Electric has run an interesting article on the value of buying an e-bike from a local independent bike shop.

11 Jul 2023

Charity Cycling UK has launched The Big Bike Revival 2023 to support new and returning cyclists through a programme of free events.

11 Jul 2023

A survey undertaken by ACT members The Electric Bike Shop has shown that specialist bike retailers are continuing to see the benefit of having physical high street stores over a pure ecommerce...

11 Jul 2023

Giant UK has partnered with Activate Cycle Academy and the Association of Cycle Traders (ACT) to provide a Cytech technical e-Bike qualification.

11 Jul 2023

As of 30th June 2023, the registered Head Office for V12 has relocated, and as a result their registered office address has changed.

3 Jul 2023

Cytech, the internationally recognised training and accreditation scheme for bicycle technicians, has announced that Whistler Adventure School (WAS), a private career training institution in...

29 Jun 2023

With this Saturday and Sunday marking Independents’ Day weekend, the culmination of the annual campaign to promote independent retailers around the UK, ACT member Elmy Cycles in Ipswich...

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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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