The FCA’s focus strengthens later this month with Consumer Duty, coming into force 31/07/23.
The new Duty sets higher and clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first.
The Duty brings this into focus with Principle 12:
“A firm must act to deliver good outcomes for retail customers”;
and for us, the UK’s leading furniture warranty provider, it’s important to be on the front foot and to have implemented sound, tested practices before it goes live; protecting the business, customers but also our retail partners as well.
In fact, we recommend anyone selling Furniture Protection Plans or warranties to fully understand the importance of how the regulator expects firms to behave, from offering fair value to consumers, in terms of product relevance, to commission structures which should be fair and not deemed to be excessive.
Click the link below to read our full article to understand this critical piece of regulation and be ahead of the game.