Consumer Duty will require companies to act to deliver good outcomes for customers, and has four outcome rules that require companies to ensure:
- customers receive communications at the right time, that they can understand
- products and services meet the need of their target customers
- products and services offer fair value
- customers are given the support they need
As part of the new Consumer Duty, companies are required to assess and monitor whether they are delivering good outcomes to customers, with additional reporting required for their Board.