For financial advisers, the FCA's Consumer Duty isn't a one-off project — it's an ongoing standard you must keep evidencing. Here's a plain-English view of the four outcomes and what good looks like.
- Four outcomes: products & services, price & value, consumer understanding, consumer support.
- Evidence good outcomes — not just fair processes.
- Vulnerable customers need identifiable, evidenced support.
- Boards must review and sign off Consumer Duty outcomes regularly.
The four outcomes
Deliver and evidence good outcomes across four areas: products & services (suitable for the target market), price & value (fair-value assessments), consumer understanding (clear communications people actually understand), and consumer support (it's as easy to act as it is to buy).
Evidence outcomes, not just process
The shift is from "we followed a fair process" to "we can show clients got good outcomes". That means suitability and ongoing-advice services evidenced, fair-value assessments documented, and management information that tells you whether outcomes are good.
Vulnerable customers & governance
Identify customers in vulnerable circumstances and evidence the adjustments you made. The Duty is board-level — senior leaders must review and sign off outcomes regularly, with a named champion. The FCA continues to refine the advice rules, so watch current consultations.
Check your readiness
Want a quick health-check? Our free FCA compliance self-check scores you against Consumer Duty, SM&CR, suitability and more.
Frequently asked questions
Is the Consumer Duty a one-off?
No — it's ongoing, with annual board review of outcomes.
What's the biggest pitfall?
Treating it as documentation. The FCA wants evidence of good outcomes, not just fair processes.
Where do I start?
Run the free FCA self-check to baseline against the Duty and SM&CR.