Extension of the Consumer Duty

The new Consumer Duty, that came into force on 31 July 2023, aims to increase the current levels of consumer protection in the retail financial services sector in the UK. The Consumer Duty applies to firms’ regulated activities and the products and services sold to ‘retail clients’.  

It will come into force on 31 July 2024 for ‘closed’ products or services (those which are no longer marketed or distributed to new retail customers nor open to renewal but existing customers/policyholders can continue to pay contributions).