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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.

1 Jul 2024

Bicycle manufacturers say they are optimistic about the bike industry’s growth prospects, anticipating a boost in sales – supported by a ‘positive impulse’ from the...

1 Jul 2024

Although London has some of the best cycling infrastructure in the UK it continues to lag behind European cities including The Hague and Paris, according to a new global survey.

1 Jul 2024

ACT partner V12 Retail Finance has been announced as the sponsor for the Retailers Category at the BikeBiz Awards 2024, in association with Push.

1 Jul 2024

Consumer confidence is up in the UK for the third month in a row, according to GfK’s long-running Consumer Confidence Index.

24 Jun 2024

A cycle shop owner has criticised the police’s “abject apathy” towards bike theft after thieves attempted to break into his store for the second time in a year, on the same...

19 Jun 2024

Cytech-partner Activate Cycle Academy, which has specialist cycle maintenance training centres in Oxford, Guildford, Stafford and Darlington, will be exhibiting at this weekend’s York...

19 Jun 2024

Better Bike Social, a festival of cycling that will include a range of talks, workshops, and weekend rides, is coming to Brighton next month.

17 Jun 2024

Cycling enthusiasts in Shrewsbury and Warrington being treated to new cycle shops.

17 Jun 2024

Sustrans has released a manifesto in the lead-up to the General Election that lays out steps the future government needs to make to remove barriers to cycling and other forms of active travel.

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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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