Consumer Duty: how the rules are changing financial services - and what they mean for you

Consumer Duty rules came into force almost a year ago, aiming to put customers’ needs first - but have they made a difference?

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One of the biggest shake-ups of financial regulation came into force almost a year  ago to improve how providers such as mortgage lenders and investment firms treat customers, but many consumers are struggling to see any difference.

The Financial Conduct Authority (FCA) introduced  “Consumer Duty” rules on 31 July 2023, placing a responsibility on firms to deliver fair value and good customer outcomes on products such as mortgagescurrent accountscredit cardsinvestments and insurance.

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Ruth Emery
Contributing editor

Ruth is an award-winning financial journalist with more than 15 years' experience of working on national newspapers, websites and specialist magazines.

She is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times. 

A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service. 

Outside of work, she is a mum to two young children, while also serving as a magistrate and an NHS volunteer.

With contributions from