Consumer Duty

The FCA introduced the Consumer Duty in July 2023 to improve levels of protection for retail customers. The Consumer Duty sets the standard of care that firms should give to customers in retail financial markets.

There is a new Consumer Principle – A Firm must act to deliver good outcomes for retail customers. Liontrust is committed to delivering against this new Principle 12 and this includes adhering to the cross-cutting rules across our online and manual customer sales journey and when working with third parties we must act in good faith towards our retail customers, avoid foreseeable harm to retail customers and enable our retail customers to pursue their financial objectives.

There are four consumer outcomes:

1. Products & services
2. Price & Value
3. Consumer Understanding
4. Consumer Support

Cross-cutting rules:

1. Act in good faith toward retail customers
2. Avoid foreseeable harm to retail customers
3. Enable and support retail customers to pursue their financial objectives