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Dear CEO/Director | Release Date: 3rd February 2023

To read a shorter summary of this Dear CEO/Director letter, click here.

To access the original FCA document, click here.

Long Summary

The Consumer Duty represents a fundamental shift in our expectations, introducing a more outcomes-focused approach to consumer protection and raising the standards of care that firms provide. This guidance is directed at firms within the Consumer Investments sector to aid in the effective implementation and integration of the Duty.

Implementation Timeline

Application of the Duty

The Duty impacts all firms in the Consumer Investments sector that can influence customer outcomes, not just those with direct customer relationships. This broad application is essential, especially as consumers face increased financial pressures today, highlighting the need for robust standards and protections to enable informed, effective consumer decisions.

Duty Requirements

Outlined in our July 2022 Finalised Guidance, the Duty compels firms to:

Expectations for Integration

Leaders are expected to deeply integrate consumer interests into their business frameworks. This integration is critical, as indicated by our recent review of implementation plans which shows that while many firms are aligning with consumer outcomes, some are not progressing sufficiently, risking non-compliance by the set deadlines.

Focus Areas for Immediate Action

Feedback on Implementation Plans

Feedback from January highlights uneven progress across the sector. Immediate actions include:

Supervisory Approach and Next Steps

The Consumer Duty is central to our strategy, influencing our supervisory practices and focus areas. We are committed to supporting firms through this transition, providing ongoing guidance and resources.


Firms must proactively align their operations with the Consumer Duty to place consumer interests at the forefront of their business practices. This commitment will not only meet regulatory expectations but also enhance trust and consumer orientation in the market.

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