FCA new consumer duty

Don’t know much about this but these are the key points and it comes into force on the 31st of July.

The Duty will include requirements for firms to:

  • end rip-off charges and fees
  • make it as easy to switch or cancel products as it was to take them out in the first place
  • provide helpful and accessible customer support, not making people wait so long for an answer that they give up
  • provide timely and clear information that people can understand about products and services so consumers can make good financial decisions, rather than burying key information in lengthy terms and conditions that few have the time to read
  • provide products and services that are right for their customers
  • focus on the real and diverse needs of their customers, including those in vulnerable circumstances, at every stage and in each interaction

Some banks are definitely not meeting those requirements already so I’ll be interested to see if there are any actual changes.


Can you post the source for this?


This looks very interesting, I never saw this. Thanks for sharing it Ryan.

I can think of lots of providers that are going to be in for a shock at the end of next month :joy:

1 Like

RIP Monzo “Live Chat” :smile:


Hope majority make closing an account as easy as it is open them through online banking or the app

While some might be sceptical about whether this new regime will really make a difference, financial firms are making changes to ensure they are complying with the tougher rules. For example, this week Santander announced changes to some of its savings accounts. Its eSaver and eIsa accounts have been renamed Easy Access Saver and Easy Access Isa and can now be administered via all channels: online, in a branch or via telephone. Previously these two accounts were online-only.

It begins…

The more I read the more I dislike this new FCA regime. It feels like it’s brought in to pander to the generation that is so adamant on resisting change and will sooner or later go extinct.

No fee-free 0% deals? How is that a good outcome? Oh you can’t afford your debt and want to make it cheaper? Pay a fee please! Ridiculous.

1 Like

Pretty sure it was similar logic that led to the crazy high overdrafts products we have these days with all the major banks too, with only a few bucking the trend.

Seems to be a trend that we all get regulated in to paying higher prices to protect those who can’t be bothered to pay attention and shop around at the moment. Insurance springs to mind, as does energy.


Does Starling and Monzo have to open branches now? :joy:

It’s a trend in the UK these days, “protect” the idiots who can’t be bothered to protect themselves and let the sensible majority pay the price for it. It’s not like they have a choice if it’s industry-wide.

Just look at what they did to payments, you can’t pay or get paid via bank transfer without going through what feels like an 8-hour CIA interrogation session.

I doubt it, the guardian article says only where banks have the means to provide alternative access. Though Monzo might have to suck it up and do Post Office and online banking?


The guy that popped onto the community and promised cheque imaging was really happening this time hinted that this will be coming alongside it too IIRC.

I wish!

1 Like

Has Monzo got a new sugar daddy who wants to make them a real bank?

You really don’t like Monzo, do you? :joy:

Forgot to take a pill? It happens to the best of us.

1 Like