Guides & Support

We aim to make it easy for retail finance professionals to share and learn from consumer duty and vulnerability good practice, and support them in meeting the regulator’s expectations. 

This page brings together Consumer Duty Alliance and Financial Vulnerability Taskforce publications plus relevant and practical resources from other organisations.

  • Latest additions

    Customer Vulnerability: Your Questions Answered
    People attending a hugely popular webinar featuring Alliance Affiliates, MorganAsh and FWD Consulting, and organised by Elephants Don’t Forget were asked to submit their most pressing questions about customer vulnerability. Over 200 were submitted.
    This document includes answers to around 50 of the most frequently asked questions.
    Produced by Elephants Don’t Forget, FWD Consulting, MorganAsh, and the Collaboration Network (November 2024).

    It's good to be different: the new FCA supervisory strategy for the financial advice sector 
    Speech by Nick Hulme, head of department, advisers, wealth and pensions, consumer investments, delivered at the Consumer Duty Alliance event in Birmingham.
    Produced by Financial Conduct Authority (October 2024).

    FCA’s expectations for financial advisers and investment intermediaries
    A "Dear CEO/Director letter" in which the FCA announces their priorities and expectations for financial advisers and investment intermediaries for the next two years
    Produced by Financial Conduct Authority (September 2024).

    Price and Value Outcome: Good and Poor Practice update
    This FCA publication collates insights from the first year of the implementation of the price and value outcome and is intended to help firms improve the way they think about fair value assessments.
    Produced by Financial Conduct Authority (September 2024).

    TR24/2: General insurance and pure protection product governance thematic review
    Results of the FCA's review of 28 insurance manufacturers and 39 distributors to assess their product oversight and governance arrangements against what's required under PROD 4.
    All manufacturers and distributors of these products should consider the contents of this report and assess whether the issues identified apply to their activities.
    Produced by Financial Conduct Authority (August 2024).

    FCA's Consumer Duty: One Year On - Get the Alliance's event highlights
    The FCA marked the first anniversary of Consumer Duty’s implementation with a conference at their London HQ, attended by the CDA, and live-streamed at the same time.
    We've pulled together the webinar's main points including the regulator's perspective, observations and findings, and practical insights for firms in this highlights document.
    Produced by the Consumer Duty Alliance (August 2024).

    FCA on-demand webinar -  Consumer Duty: 1 year on
    The FCA livestreamed an event on 31 July to mark Consumer Duty's first anniversary and its application to closed products and services from 31 July 2024. The webinar focused on:

    • The impact the Duty has had in its first year
    • Examples of good practice and areas for improvement
    • Their priorities for the year ahead

    Produced by Financial Conduct Authority (July 2024).

    Call for input: Review of FCA requirements following the introduction of the Consumer Duty
    The FCA is asking for views on whether, where and how they can refine their retail conduct rules, while ensuring they continue to support and protect consumers.
    Please send comments by 31 October 2024 using the Online Response Form.
    Produced by Financial Conduct Authority (July 2024).

    Board reports - updated information and FCA expectations
    Consumer Duty requires all firms to produce a report on the outcomes received by retail customers. This assessment needs to be done at least once a year, so for firms with new and existing products and services the first report is due by 31 July 2024.
    The FCA has updated their information for firms page to include their expectations and requirements on annual board reports.
    Produced by Financial Conduct Authority (June 2024).

    FCA review of outcomes monitoring by insurance firms
    Key findings from the FCA's review of larger insurance firms’ approaches to outcomes monitoring under Consumer Duty. While the review focussed on insurance firms, it contains examples of good and poor practice which may be useful to firms from other sectors, particularly if you are finalising your first annual board report.
    Produced by Financial Conduct Authority (June 2024).

    FCA Thematic Review of Retirement Income - Good Practice Checklist
    This handy best-practice checklist aims to help you stay on top of the FCA's Thematic Review into Retirement Income Advice, and ensure you're enabling the best financial outcomes for your clients.
    Created for firms with retirement income as a targeted market, the checklist includes recommendations and 'must do's' across everything from cashflow modelling to risk profiling.
    Produced by the Consumer Duty Alliance in partnership with Legal & General (June 2024).

    The Consumer Duty Board Report: Developing an effective assessment framework
    New guide aims to make it easier for firms to plan, prepare and produce their first annual Consumer Duty Board Report, due 31 July 2024. It's packed with practical information and recognises proportionality for smaller firms so is suitable for firms of all sizes.
    Produced by the Consumer Duty Alliance in partnership with Kroll (May 2024).

    Overview of the FCA’s Thematic Review of Retirement Income Advice
    A summary of the FCA's main findings and next steps for firms.
    Produced by the Consumer Duty Alliance in partnership with Legal & General (March 2024).

    Thematic Review of Retirement Income Advice
    The FCA's findings on how the retirement income advice market is working and whether consumers are receiving appropriate advice on meeting their income needs in retirement. 
    Alongside the Thematic Review, the FCA published:

    Produced by Financial Conduct Authority (March 2024).

    FCA Business Plan 2024/25
    Detailing the FCA's work over the next 12 months to help deliver their Strategy's commitments. 
    One of their four areas of focus is ‘Protecting customers’, this includes embedding the Consumer Duty and progressing the Advice Guidance Boundary Review.
    Produced by Financial Conduct Authority (March 2024).

    Review of firms' treatment of customers in vulnerable circumstances
    The FCA's announcement of a review into how firms are acting to understand and respond to the needs of customers in vulnerable circumstances. They will share their findings by the end of 2024.
    Produced by Financial Conduct Authority (March 2024).

    Exempt Gifts - A practical guide for consumers
    This guide explains how the seven types of exempt gift work and some of the rules surrounding their use. The guide is intended to provide guidance and information, it does not
    replace professional advice.
    Produced by The Consumer Duty Alliance (March 2024).

  • Consumer Duty - Adviser support

    FCA's Consumer Duty: One Year On - Get the Alliance's event highlights
    The FCA marked the first anniversary of Consumer Duty’s implementation with a conference at their London HQ, attended by the CDA, and live-streamed at the same time.
    We've pulled together the webinar's main points including the regulator's perspective, observations and findings, and practical insights for firms in this highlights document.
    Produced by the Consumer Duty Alliance (August 2024).

    FCA Thematic Review of Retirement Income - Good Practice Checklist
    This handy best-practice checklist aims to help you stay on top of the FCA's Thematic Review into Retirement Income Advice, and ensure you're enabling the best financial outcomes for your clients.
    Created for firms with retirement income as a targeted market, the checklist includes recommendations and 'must do's' across everything from cashflow modelling to risk profiling.
    Produced by the Consumer Duty Alliance in partnership with Legal & General (June 2024).

    The Consumer Duty Board Report: Developing an effective assessment framework
    New guide aims to make it easier for firms to plan, prepare and produce their first annual Consumer Duty Board Report, due 31 July 2024. It's packed with practical information and recognises proportionality for smaller firms so is suitable for firms of all sizes.
    Produced by the Consumer Duty Alliance in partnership with Kroll (May 2024).

    Overview of the FCA’s Thematic Review of Retirement Income Advice
    A summary of the FCA's main findings and next steps for firms.
    Produced by the Consumer Duty Alliance in partnership with Legal & General (March 2024).

    Exempt Gifts - A practical guide for consumers
    This guide explains how the seven types of exempt gift work and some of the rules surrounding their use. The guide is intended to provide guidance and information, it does not
    replace professional advice.
    Produced by The Consumer Duty Alliance (March 2024).

    Reporting on outcomes: the good, the bad and the ugly
    This webinar looks at real-life examples of two organisations which are gathering consumer vulnerability and outcome data and turning that data into meaningful reports.
    Produced by MorganAsh (November 2023)

    Guide to Economic Abuse
    We’re all likely to know someone who’s experiencing economic abuse, whether a friend, family member, colleague or client. This guide explains what it is and highlights useful resources.
    Produced by The Consumer Duty Alliance (November 2023).

    The 2023 Nucleus UK Retirement Confidence Index
    This first of its kind annual index will track UK retirement confidence over time and act as a basis for, and measure of, the success of collaborative change across the industry. 
    The inaugural Index score is 6.9/10 with a negative outlook. This outlook is based on the decline of defined benefit pension provision and inadequate defined contribution pots, combined with cost of living worries and low expectations around investment returns.
    Produced by Nucleus Financial Platforms with adviser research by the lang cat (November 2023).

    Annual Consumer Duty board reports - preparation tips
    The clock’s already counting down to the 31 July 2024 deadline for firms to produce their first annual Board Report. This guide includes five tips to help you prepare.
    Produced by The Consumer Duty Alliance (October 2023).

    The financial wellbeing of disabled people in the UK
    A study of 815 disabled people looking at what ‘financial wellbeing’ means to them and the difficulties they face in trying to improve their financial wellbeing. 
    Produced by Personal Finance Research Centre (University of Bristol) and Research Institute for Disabled Consumers (September 2023).

    Consumer Duty and the Thematic Review: The impact on retirement income advice (45 min webinar)
    What could advice firms consider as part of the Consumer Duty, and its close relative, the Thematic review of retirement income advice?
    With Tom Carroll, Business Development Manager, Legal & General Retail Annuities and Tony Miles MBA, DipPFS, Secretariat of the Consumer Duty Alliance.
    Produced by Legal & General (July 2023).

    Alliance publication - Establishing a framework for fair value
    This means firms being able to clearly demonstrate and evidence how any product or service they provide offers fair value. It is not about the absolute level of fees charged.
    Produced by The Consumer Duty Alliance (June 2023).

    Alliance publication - Establishing your target markets
    The Duty's Products and Services outcome requires firms to prove that the products and services they distribute are designed to meet client needs, characteristics and objectives in identified target markets.
    Produced by The Consumer Duty Alliance (June 2023).

    Alliance publication - Consumer Duty makes vulnerability work even more important
    How has Consumer Duty upgraded the approach firms should take when considering vulnerability?
    Produced by The Consumer Duty Alliance (May 2023).

    Alliance publication - How ready are you for Consumer Duty?
    Key milestones for financial advice firms ahead of Consumer Duty’s implementation date 31 July 2023.
    Produced by The Consumer Duty Alliance (May 2023).

    Consumer Understanding Report
    Consumer Duty requires firms to test, monitor and evidence how well communications are understood by consumers. This report shows how the Money Alive educational toolbox and customer surveys can help firms meet this requirement.
    Produced by Money Alive (May 2023).

    Alliance publication - Combining Consumer Duty and Retirement Income
    Comment and analysis for financial advice and planning firms.
    Produced by The Consumer Duty Alliance in partnership with Legal & General (March 2023).

    Consumer Duty Best Practice Guide
    This guide sets out proposed industry good practice, together with a list of resources in the Appendix.
    Produced by TISA (March 2023)

  • Consumer Duty - Regulatory and government publications

    It's good to be different: the new FCA supervisory strategy for the financial advice sector 
    Speech by Nick Hulme, head of department, advisers, wealth and pensions, consumer investments, delivered at the Consumer Duty Alliance event in Birmingham.
    Produced by Financial Conduct Authority (October 2024).

    FCA’s expectations for financial advisers and investment intermediaries
    A "Dear CEO/Director letter" in which the FCA announces their priorities and expectations for financial advisers and investment intermediaries for the next two years
    Produced by Financial Conduct Authority (September 2024).

    Price and Value Outcome: Good and Poor Practice update
    This FCA publication collates insights from the first year of the implementation of the price and value outcome and is intended to help firms improve the way they think about fair value assessments.
    Produced by Financial Conduct Authority (September 2024).

    TR24/2: General insurance and pure protection product governance thematic review
    Results of the FCA's review of 28 insurance manufacturers and 39 distributors to assess their product oversight and governance arrangements against what's required under PROD 4.
    All manufacturers and distributors of these products should consider the contents of this report and assess whether the issues identified apply to their activities.
    Produced by Financial Conduct Authority (August 2024).

    FCA on-demand webinar -  Consumer Duty: 1 year on
    The FCA livestreamed an event on 31 July to mark Consumer Duty's first anniversary and its application to closed products and services from 31 July 2024. The webinar focused on:

    • The impact the Duty has had in its first year
    • Examples of good practice and areas for improvement
    • Their priorities for the year ahead

    Produced by Financial Conduct Authority (July 2024).

    Call for input: Review of FCA requirements following the introduction of the Consumer Duty
    The FCA is asking for views on whether, where and how they can refine their retail conduct rules, while ensuring they continue to support and protect consumers.
    Please send comments by 31 October 2024 using the Online Response Form.
    Produced by Financial Conduct Authority (July 2024).

    Board reports - updated information and FCA expectations
    Consumer Duty requires all firms to produce a report on the outcomes received by retail customers. This assessment needs to be done at least once a year, so for firms with new and existing products and services the first report is due by 31 July 2024.
    The FCA has updated their information for firms page to include their expectations and requirements on annual board reports.
    Produced by Financial Conduct Authority (June 2024).

    FCA review of outcomes monitoring by insurance firms
    Key findings from the FCA's review of larger insurance firms’ approaches to outcomes monitoring under Consumer Duty. While the review focussed on insurance firms, it contains examples of good and poor practice which may be useful to firms from other sectors, particularly if you are finalising your first annual board report.
    Produced by Financial Conduct Authority (June 2024).

    Thematic review of Retirement Income Advice
    The FCA's findings on how the retirement income advice market is working and whether consumers are receiving appropriate advice on meeting their income needs in retirement. 
    Alongside the Thematic Review, the FCA published:

    Produced by Financial Conduct Authority (March 2024).

    FCA Business Plan 2024/25
    Detailing the FCA's work over the next 12 months to help deliver their Strategy's commitments. 
    One of their four areas of focus is ‘Protecting customers’, this includes embedding the Consumer Duty and progressing the Advice Guidance Boundary Review.
    Produced by Financial Conduct Authority (March 2024).

    Consumer Duty implementation: good practice and areas for improvement
    This FCA publication highlights the good practice they've seen since the Consumer Duty came into force and areas they've identified for improvement.
    The findings are intended to help firms review their plans against good practice and take steps to address any gaps identified.
    Produced by Financial Conduct Authority (February 2024).

    Consumer Duty firm survey: Autumn 2023
    The findings of the FCA's Autumn 2023 small firm survey. This provides a snapshot of where the 634 firms surveyed are with their implementation.
    13% of firms responding had one employee, 49% had 2-9 employees, 25% had 10-49 and 13% had 250+ employees.
    Produced by Financial Conduct Authority (February 2024).

    Consumer Duty: the art of the possible in a year
    A speech by Sheldon Mills, Executive Director, Consumers and Competition, looking ahead to the deadline for closed products.
    He addresses some of the challenges firms are facing and sets out expectations for firms to have a clear roadmap to comply by the 31 July 2024 deadline. 
    Produced by Financial Conduct Authority (February 2024).

    Expectations of firms selling client banks
    An FCA webpage explaining their expectations of firms looking to sell a client bank, and that they will act where these lists are being sold with redress liabilities.
    Produced by Financial Conduct Authority (December 2023).

    FCA on-demand webinar - Consumer Duty: The next steps
    This FCA webinar helps firms understand their expectations now the Duty is in force. It focused on: FCA supervision and enforcement approach, Sector specific areas of focus, Examples of good practice and Next steps for firms.
    Produced by Financial Conduct Authority (December 2023).

    Dear CEO letter - Action required: Expectations for wealth management and stockbroking firms
    FCA letter setting out their assessment of this sector’s key harms and their updated supervisory priorities: preventing financial crime and meeting Consumer Duty outcomes. Letter was sent to those accountable for ensuring their firm meets FCA requirements and expectations in full and at all times.
    Produced by Financial Conduct Authority (November 2023).

    Consumer Duty: Not once and done
    A speech by Nisha Arora, Director of Cross Cutting Policy and Strategy, marking three months since the Duty came into force.
    Produced by Financial Conduct Authority (November 2023).

    PS22/9: A new Consumer Duty
    Policy Statement and Finalised Guidance
    Produced by Financial Conduct Authority (July 2022).

    Consumer Duty – information for firms
    FCA explanations, prompted by enquiries from firms, on areas of the Duty which are relevant for the wider market. 
    Produced by Financial Conduct Authority (updated regularly).

    FCA sets out 14-point action plan on cash savings
    The plan aims to ensure banks and building societies are passing on interest rate rises to savers appropriately, communicating with customers much more effectively and offering better savings rate deals.
    Produced by Financial Conduct Authority (July 2023).

    Ten key questions for firms to consider
    With one month to go until the Consumer Duty comes into force, these questions can help you to identify and remedy gaps or areas for improvement in your implementation of the Duty.
    Produced by Financial Conduct Authority (June 2023).

    Consumer Duty: Survey of smaller firms – Spring 2023
    Read the results of the FCA's survey into the preparedness of 1,230 smaller firms.
    Produced by Financial Conduct Authority (June 2023).

    Inside FCA Podcast: Explaining Consumer Duty outcomes monitoring
    Hear why the FCA put these requirements in place, how firms should go about monitoring outcomes, and the processes they should use to ultimately ensure they achieve good outcomes for their customers.
    Produced by Financial Conduct Authority (June 2023).

    Consumer Duty: Findings from review of fair value frameworks
    Read the findings of the FCA's review into firms’ approaches to fair value assessments under the Consumer Duty.
    Produced by Financial Conduct Authority (May 2023).

    Countdown to the Consumer Duty
    Speech by Sheldon Mills, Executive Director, Consumers and Competition: Less than three months to go until the Consumer Duty Implementation.
    Produced by Financial Conduct Authority (May2023).

    Inside FCA Podcast: Consumer Duty information sharing and the April milestone
    Hear about the FCA's expectations for manufacturers to complete and share their products and services reviews by 30 April 2023, and the reasons behind this milestone. 
    Produced by Financial Conduct Authority (March 2023).

    Inside FCA Podcast: The consumer support outcome
    Learn more about the principles behind this, its impact on the channels of support firms should offer, what 'sludge' and 'appropriate friction' mean, and how firms should review their customer journeys to help achieve good outcomes for consumers.
    Produced by Financial Conduct Authority (February 2023).

    Consumer Duty implementation plans
    Findings from FCA review of implementation plans of larger ‘fixed’ firms, which have a dedicated supervision team at the FCA.
    Produced by Financial Conduct Authority (January 2023).

    Inside FCA Podcast: The products and services outcome
    This outcome is designed to ensure all products and services for consumers are fit for purpose. Get the detail behind the outcome, the FCA's expectations (including how firms should test target markets) and the importance of identifying vulnerable customers.
    Produced by Financial Conduct Authority (January 2023).

    Inside FCA Podcast: The price and value outcome
    This outcome is an upfront examination of price and value through the lifecycle of a product as it evolves.
    Learn how the FCA expects firms to assess their products and services, to ensure a reasonable relationship between the price paid for a product or service and its overall benefit.
    Produced by Financial Conduct Authority (January 2023).

    Inside FCA Podcast: The consumer understanding outcome
    Learn why this outcome is needed, FCA expectations on tailoring and testing of firm communications, and what firms should be doing to monitor and evidence understanding.
    Produced by Financial Conduct Authority (January 2023).

    FCA events and on-demand webinars

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