On 31 July 2023, the Financial Conduct Authority (FCA)’s Consumer Duty Act came into force in the UK. It requires financial services providers to demonstrate that their products and services provide ‘good outcomes’ for their clients, particularly important amidst the ongoing cost-of-living crisis.
The Act comes at a time of heightened focus on financial services firms, whether it is the cost of insurance, the behaviour of star fund managers, and, most recently, accusations of banks and mortgage providers profiteering amidst rising interest rates.
Edelman Smithfield polled 4,000 UK adults to understand how consumers feel about their financial services providers, whether they provide them with ‘good outcomes’ and whether they may take advantage of the Consumer Duty Act to hold providers to account.
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