{"id":2465,"date":"2023-01-19T17:31:29","date_gmt":"2023-01-19T17:31:29","guid":{"rendered":"https:\/\/customerminds.com\/?p=2465"},"modified":"2024-04-18T12:41:07","modified_gmt":"2024-04-18T12:41:07","slug":"the-role-of-digital-in-addressing-the-consumer-duty","status":"publish","type":"post","link":"https:\/\/customerminds.com\/the-role-of-digital-in-addressing-the-consumer-duty\/","title":{"rendered":"The role of Digital in addressing the Consumer Duty"},"content":{"rendered":"\n
\"Customer<\/figure>\n\n\n\n

Introduction – What is the Consumer Duty?<\/h2>\n\n\n\n

The Financial Conduct Authority (FCA) has found 7.8 million people in the UK are finding it a heavy burden to keep up with their bills,<\/a> an increase of around 2.5 million people since 2020.<\/strong><\/p>\n\n\n\n

It is within this challenging economic environment<\/strong> that the FCA is introducing the new \u2018Consumer Duty\u2019 regulation which is due to come into effect on July 31st 2023. The FCA\u2019s objective is that the new Consumer Duty will \u201cset higher expectations for the standard of care that firms provide to consumers.\u201d<\/strong> Their goal is that consumers should receive products and services that meet their needs and offer fair value, communications they can understand and get the customer support they need when they need it.<\/p>\n\n\n\n

The Duty consists of three key elements (see graphic below):<\/p>\n\n\n\n