Introduction of the FCA's Consumer Duty
In July 2022, the Financial Conduct Authority (FCA) confirmed plans to bring in a Consumer Duty which is intended to increase the current level of consumer protection and raise industry standards for how financial services firms in the UK serve their customers and meet their needs – these rules come into force on 31st July 2023.
Consumer Duty is a fresh approach by the UK’s financial services regulator and its purpose is to reinforce how firms should act to deliver good outcomes for their customers.
The Duty includes:
- A new Consumer Principle that provides an overarching standard of conduct
- Three cross-cutting rules that set out how firms should act
- Four outcomes that define what firms should deliver to customers.
Our obligations and what to expect
At Cornerstone, we take immense pride in our unwavering commitment to delivering exceptional services to our valued customers. Upholding the highest standards of ethical conduct and transparency, we are pleased to affirm that we are fully compliant with consumer duty regulations.
Our customers are at the heart of everything we do, and their satisfaction is our top priority. In adherence with consumer duty guidelines, we go the extra mile to ensure fair treatment, fair value, and honest simple communication in all our interactions.
- As the manufacturer of our product’s, we will work closely with our distributors, to ensure that we continue to deliver good outcomes to our customers.
- We will ensure that our products are distributed to our target market.
- We will Identify and consider the specific needs and/or objectives of our customers that show characteristics of vulnerability such as poor communication skills, lack of financial knowledge, hearing, or visual impairment, poor or non-existent computer skills.
- Provide customers with the ability to contact Cornerstone promptly if they identify any foreseeable harm or have concerns with using Cornerstone’s product.
- We will provide our customers with the maximum amount of support to ensure they fully understand their transactions and any associated obligations.
Key Highlights of Our Commitment
At Cornerstone, we take pride in our reputation as a trusted partner, and we recognise that this trust is earned through consistent delivery of good outcomes. We invite you to experience our dedication first hand and discover how we’re shaping a brighter future for our customers.
If you would like to learn more, further information can be obtained from the FCA. Please note that this communication relates to Cornerstones products only, customers should seek advice if they are unsure as to how these new regulations apply to their products at other firms.
If you have any questions or concerns about the Consumer Duty regulations, or how Cornerstone is complying with them, please do not hesitate to contact the Cornerstone compliance team.