Regulatory Timeline: Consumer Duty and Fair Value

Status: Rules Implemented.
Regulator: FCA

The rules on Consumer Duty came into effect on 31st July 2023. This remains a major hot topic for the FCA and it is proving very active in monitoring the implementation activity of firms, with much of its effort being directed to testing their plans and sharing feedback with the wider market on what it has found. The duty sets out a general Consumer Principle, Cross-cutting Rules and Four Outcomes that reinforce what is already clearly set out in the FCA Handbook.The four outcomes require firms to ensure that:

  • all products and services for consumers are fit for purpose;
  • all consumers receive fair value;
  • all communications are designed to support and enable consumers to make informed decisions about financial products and services; and
  • firms provide a level of support that meets consumers’ needs throughout their relationship with the firm.

This timeline provides key dates in the regulatory calendar and links to ICSR articles and webinars on the subject. If you would like to discuss any aspects of Distribution, please contact us.

Back to Regulatory Timeline: Overview

11th March 2024

ICSR Article: FCA Fair Value & Product Governance ‘Dear CEO’ Letter – Strike Two From The Regulator?

FCA Fair Value Strike Two

Kenneth Underhill considers the implications of the FCA letter of 23rd February, describing it as “a damning assessment from the FCA of what it clearly sees as market-wide failings on the central theme of its strategy to deliver its core objective of protecting consumers from harm.”

Read Article

11th March 2024

ICSR Article: VisRisk Solves The Challenges Of Assessing, Evidencing And Delivering Fair Value Whilst Creating Operational Efficiency

VisRisk scales





Kenneth Underhill looks at how the VisRisk fair value assessment (‘FVA’) platform addresses each failing identified by the FCA in their 23rd February letter to insurance firms, covering:

Read Article

23rd February 2024

FCA Dear CEO Letter: Product Governance Thematic Review – General Insurance and Pure Protection

The FCA issued a letter expressing its concerns at perceived shortcomings relating to key areas such as product governance arrangements, fair value assessments and management information. It said: 

“We expect your firm and its senior managers to carefully consider the contents of this letter in the context of the products you  manufacture or comanufacture and your specific activities and responsibilities in relation to these products.”

The letter has not been published by the FCA on its website.

20th February 2024

Consumer Duty implementation: good practice and areas for improvement

The FCA published a review of firms’ implementation plans and their fair value frameworks and previous communications. It:

  • reminded firms of the consumer outcomes required by the Duty;
  • set out examples of good practice; and
  • highlighted areas for improvement where it felt firms had more to do.

Read FCA Report

20th February 2024

Consumer Duty firm survey – Autumn 2023

In Autumn 2023, the FCA commissioned a second survey with 634 firms not surveyed previously. It wanted to examine how its additional engagement had helped firms prepare. Read its summary of findings.

Read FCA Consumer Duty firm survey results (Autumn 2023)

19th February 2024

ICSR Podcast: Palak Bedi talks about Consumer Duty




ICSR Podcast: Talking Heads: Palak Bedi on Consumer Duty

Listent o Podcast

3rd February 2024

Dear CEO Letter - Consumer Duty

Letter from Matt Brewis, Director of Insurance Supervision, Policy & Competition – Consumers & Competition at the FCA, addressed to all firm CEOs and Directors, “Implementing the Consumer Duty in the General Insurance and Pure Protection sectors”

Read Letter

6th December 2023

FCA Webinar: Consumer Duty: The next steps

Nisha Arora, Director of Cross-Cutting Policy and Strategy talks about work embedding the Consumer Duty.

Watch FCA webinar

30th November 2023

ICSR Webinar: Fair Value Assessments and Consumer Duty - An update on the FCA approach and enforcement

Kenneth Underhill provides an update on the FCA approach to and enforcement of the Fair Value Assessment and Consumer Duty rules.

Watch ICSR webinar

1st November 2023

FCA Speech: Consumer Duty: Not once and done

Speech by Nisha Arora, Director of Cross Cutting Policy and Strategy, titled “Consumer Duty: Not once and done.”

Read Speech

26th September 2023

ICSR Article: General Insurance Value Measures Data 2022 – Last Chance Saloon For Insurers Or Perhaps Even Too Late For Some?





Kenneth Underhill considers the FCA release of the latest general insurance value measures data on 20th September. The release included a warning covering both a failure to comply with the rules around offering Fair Value as required by PROD 4 and a failure to deliver good outcomes for consumers under the Consumer Duty. 

Read Article

20th September 2023

General insurance value measures data 2022

The FCA has published its latest data and information on its ongoing interactions with firms, which shows that some general insurance firms may be failing to comply with its rules around offering fair value as required by PROD4 and delivering good outcomes for their consumers under the Consumer Duty.

Read FCA report

28th June 2023

Consumer Duty firm survey – Spring 2023

The FCA commissioned an anonymous survey of 1,230 firms in some of the sectors in scope of the Consumer Duty (the Duty) to help it understand how prepared firms were in meeting the implementation deadline of 31 July 2023. 

Read FCA findings from their review of implementation readiness

10th May 2023

FCA Speech: Countdown to the Consumer Duty

Speech by Sheldon Mills, Executive Director, Consumers and Competition.

Read Speech

10th May 2023

Consumer Duty: Findings from our review of fair value frameworks

The FCA have published findings from their review of firms’ approaches to fair value assessments under the Consumer Duty.

Read FCA findings from their review of fair value frameworks

25th January 2023

Consumer Duty implementation plans (Multi-firm review)

The FCA have published findings from their review of firms’ plans to embed the Duty within their businesses.

Read FCA findings from their multi-firm review

29th July 2022

ICSR Article: The New Consumer Duty – Setting The Bar For Fair Competition

High jump





The new Consumer Duty rules set a high bar for firms in the way they manufacture, sell and service insurance products to retail consumers. The FCA are seeking to create a baseline standard that will ensure innovation and competition exists in the interests of the retail consumers firms serve. They are seeking to eradicate the scenario of profit driven by consumer confusion and exploitation.

Read Article

27th July 2022

FCA Policy Statement PS22/9

PS22/9: A new Consumer Duty: Feedback to CP21/36 and final rules

Read Policy Statement

27th July 2022

FG22/5 FCA Final non-Handbook Guidance for firms on the Consumer Duty

FG22/5 Final non-Handbook Guidance for firms on the Consumer Duty

Read Finalised Guidance Paper

15th December 2021

ICSR Article: A New Consumer Duty – Raising the Bar In The Best Interests Of Customer Outcomes

A New Consumer Duty




The new Consumer Duty is raising the bar when it comes to delivering positive outcomes for customers. The need for this is a recognition that the ‘Best Interests Rule’ it seeks to replace has not delivered the outcomes the FCA hoped for and there is a clear sense that greater accountability is required at the very top of financial services firms to protect consumers.

Read Article

8th June 2021

ICSR Article: Spot the Difference: A New Consumer Duty





The Financial Conduct Authority (FCA) recently released a consultation paper on their proposal to introduce a new Customer Duty. In this article we set out what the new proposals are, how they relate to the current FCA requirements and the potential impact of the proposals on the insurance sector.

Read Article

May 2021

CP21/13 FCA Consultation Paper: A new Consumer Duty

CP21/13 FCA Consultation Paper: A new Consumer Duty

Read Consultation Paper

Advisory & Resourcing

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