Context
The FCA has published a podcast, an mp3 recording and a transcript of an interview with Ed Smith, the FCA’s Head of Competition Policy, about the price and value outcome of the Consumer Duty.
Key points to note
The Duty means that consumers should receive communications they can understand, products and services that meet their needs and offer fair value with customer support they need when they need it. Focusing on what the FCA expects from firms of all sizes, Smith discussed the importance of firms assessing their products and services to ensure there is a reasonable relationship between the price paid for a product or service and the overall benefit consumers get from it.
Amongst other topics, Smith discussed what the price and value outcome means in the context of the Consumer Duty, what the FCA ideally wants to see happen, and what a good value assessment might consider.
Next actions
None – for information and awareness.