{"id":11575,"date":"2023-10-09T10:41:32","date_gmt":"2023-10-09T10:41:32","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/?page_id=11575"},"modified":"2026-06-05T21:47:54","modified_gmt":"2026-06-05T21:47:54","slug":"consumer-duty","status":"publish","type":"page","link":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/intermediaries\/consumer-duty","title":{"rendered":"Consumer Duty"},"content":{"rendered":"\n<div class=\"wp-block-rbcwm-hero-block rbc-hero-wm rbc-hero-has-image-bleed rbc-hero-overlap rbc-hero-overlap-mobile rbc-hero-9to8cswr9 hide-mobile-energy-lines\"><style>\n\t\t.rbc-hero-9to8cswr9.is-style-rbc-hero-gradient::before {\n\t\t\tbackground: linear-gradient(90deg, #023169 20%, rgba(94, 120, 131, 0) 60%);\n\t\t}\n\n\t\t.rbc-hero-9to8cswr9.is-style-rbc-hero-gradient.rbc-hero-has-image-bleed::before {\n\t\t\tbackground: linear-gradient(90deg, #023169 20%, rgba(94, 120, 131, 0) 60%);\n\t\t}\n\n\t\t.rbc-hero-9to8cswr9.is-style-rbc-hero-gradient.rbc-hero-has-image-bottom::before {\n\t\t\tbackground: linear-gradient(180deg, #023169 20%, rgba(94, 120, 131, 0) 60%);\n\t\t}\n\n\t\t.rbc-hero-9to8cswr9 .rbc-hero-energy-lines.rbc-hero-energy-lines-left {\n\t\t\ttransform: scaleX(-1);\n\t\t}\n\n\t\t@media (max-width: 991px) {\n\t\t\t.rbc-hero-9to8cswr9.is-style-rbc-hero-gradient::before,\n\t\t\t.rbc-hero-9to8cswr9.is-style-rbc-hero-gradient.rbc-hero-has-image-bottom::before,\n\t\t\t.rbc-hero-9to8cswr9.is-style-rbc-hero-gradient.rbc-hero-has-image-bleed::before {\n\t\t\t\tbackground: none;\n\t\t\t}\n\n\t\t\t.rbc-hero-9to8cswr9.rbc-hero-has-image-full.hide-mobile-energy-lines .rbc-hero-energy-lines {\n\t\t\t\tdisplay: none;\n\t\t\t}\n\n\t\t\t.wp-block-rbcwm-hero-block.rbc-hero-9to8cswr9.is-style-rbc-hero-gradient .rbc-hero-img-wrap::after {\n\t\t\t\tbackground: linear-gradient( 0deg, #023169 0%, rgba(94, 120, 131, 0) 25% );\n\t\t\t}\n\t\t\t\n\t\t\t.wp-block-rbcwm-hero-block.rbc-hero-9to8cswr9.is-style-rbc-hero-gradient.rbc-hero-has-image-bottom .rbc-hero-img-wrap::before,\n            .wp-block-rbcwm-hero-block.rbc-hero-9to8cswr9.is-style-rbc-hero-gradient.rbc-hero-has-image-bottom .container .rbc-hero-img-wrap::before {\n\t\t\t\tbackground: linear-gradient( 180deg, #023169 0%, rgba( 94, 120, 131, 0 ) 25% );\n\t\t\t}\n\t\t\t\n\t\t\t.wp-block-rbcwm-hero-block.rbc-hero-9to8cswr9.is-style-rbc-hero-gradient .rbc-hero-card {\n\t\t\t\tbackground: #023169;\n\t\t\t}\n\t\t}\n\t<\/style><div class=\"container\"><div class=\"row no-gutters\"><div class=\"col-lg-7 rbc-hero-card-content\"><div class=\"rbc-card rbc-hero-card rbc-hero has-content\"><div class=\"rbc-card-wrap\"><div class=\"rbc-card-body\"><div class=\"rbc-hero-body-content\"><h1 class=\"rbc-hero-title\"><span>Consumer Duty<\/span><\/h1><div class=\"rbc-hero-breadcrumb link-chev-left\"><div class=\"rbc-icon mr-half\"><i aria-hidden=\"true\" role=\"img\" class=\"rbc-icon-img fal fa-angle-left\" style=\"color:#006ac3\"><\/i><\/div><span style=\"color:#006ac3\"><a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/intermediaries\" data-type=\"page\">Home<\/a><\/span><\/div><hr class=\"rbc-hero-hr hr-mini bdr-accent\"\/>\n<p class=\"is-style-hero-subtitle\">The Consumer Duty came into effect on 31 July 2023. To help ensure you\u2019re fulfilling its requirements, this page contains the relevant material you may need.<\/p>\n\n\n\n<p class=\"is-style-hero-subtitle\">Don\u2019t hesitate to get in touch if you have any further questions.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"rbc-hero-img-wrap col-lg-5 order-2 order-lg-1\"><div class=\"rbc-hero-img bleed-img-right  \" style=\"background-image:url(https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-content\/uploads\/sites\/10\/2021\/07\/Why20retirement20could20cost20less20than20you20think_1200x627.jpg?w=1600)\"><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<section class=\"wp-block-rbcwm-rbc-block rbc-block has-white-background-color has-background\"><div class=\"container\"><div class=\"row \"><div class=\"col-lg-12\">\n<header class=\"wp-block-rbcwm-block-header row rbc-block-header\"><div class=\"col-lg-12\">\n<div class=\"row\">\n\n<h2 class=\"wp-block-heading has-text-align-left rbc-block-header-title col-lg-12\" id=\"h-what-is-consumer-duty\" style=\"margin-bottom:var(--wp--preset--spacing--40)\">What is Consumer Duty?<\/h2>\n\n<\/div>\n\n\n\n<div class=\"wp-block-rbcwm-block-header-description rbc-block-header-description\">\n<p><\/p>\n<\/div>\n\n\n\n<p>The Consumer Duty is a regulatory standard set by the Financial Conduct Authority (FCA) under which firms must act to deliver good outcomes for retail customers. Building on existing standards, it provides better protection for consumers in the retail financial services market. It puts customers\u2019 needs first and sets higher expectations for the standard of care they receive from providers.<\/p>\n\n\n\n<p>It achieves this by:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>Requiring firms\u2019 services and products to be fit for purpose and offer fair value.<\/li>\n\n\n\n<li>Requiring firms to help consumers make effective choices, or act in their interests.<\/li>\n\n\n\n<li>Supporting improved supervisory processes, allowing firms to focus on preventing harm before it arises, or address it more quickly where it does occur.<\/li>\n\n\n\n<li>Create a fairer and consumer-focused advice landscape where firms can compete and innovate with good consumer outcomes in mind.<\/li>\n<\/ol>\n<\/div><\/header>\n<\/div><\/div><\/div><\/section>\n\n\n\n<section class=\"wp-block-rbcwm-rbc-block rbc-block rbc-block-grey has-block-grey-background-color has-background\"><div class=\"container\"><div class=\"row \"><div class=\"col-lg-12\">\n<header class=\"wp-block-rbcwm-block-header row rbc-block-header\"><div class=\"col-lg-12\">\n<div class=\"row\">\n\n<h2 class=\"wp-block-heading has-text-align-left rbc-block-header-title col-lg-12\" id=\"h-outcomes-of-consumer-duty\" style=\"margin-bottom:var(--wp--preset--spacing--40)\">Outcomes of Consumer Duty<\/h2>\n\n<\/div>\n\n\n\n<div class=\"wp-block-rbcwm-block-header-description rbc-block-header-description\">\n<p><\/p>\n<\/div>\n<\/div><\/header>\n\n\n\n<div class=\"wp-block-rbcbd-static-image-carousel row justify-content-center\" data-client-id=\"8ce10238-0aa4-48cb-a4b1-ace575268811\" data-loop-type=\"true\" data-display-arrows=\"true\"><div class=\"col-lg-8\"><img decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-content\/uploads\/sites\/10\/2022\/03\/career_move_hero_banner.jpg\" alt=\"Don\u2019t let a career move hurt your pension pot\" class=\"img-fluid bleed-mobile\"\/><div class=\"wrap\"><div class=\"rbc-carousel glide rbc-carousel-inline rbc-carousel-cards overlap-top glide--ltr glide--carousel glide--swipeable\"><div data-glide-el=\"track\" class=\"glide__track\"><ul class=\"glide__slides\">\n<li class=\"wp-block-rbcbd-static-image-carousel-slide rbc-carousel-slide wrap\"><div class=\"rbc-carousel-slide-content\"><div class=\"rbc-card\"><div draggable=\"false\" class=\"rbc-card-wrap\"><div class=\"rbc-card-body\">\n<h3 id=\"h-\" class=\"wp-block-heading category mb-half\"><\/h3>\n\n\n\n<h4 id=\"h-products-and-services\" class=\"wp-block-heading h3\">Products and services<\/h4>\n\n\n\n<p>All products and services should be designed to meet the needs, characteristics and objectives of a target group of customers and distributed appropriately.<\/p>\n<\/div><\/div><\/div><\/div><\/li>\n\n\n\n<li class=\"wp-block-rbcbd-static-image-carousel-slide rbc-carousel-slide wrap\"><div class=\"rbc-carousel-slide-content\"><div class=\"rbc-card\"><div draggable=\"false\" class=\"rbc-card-wrap\"><div class=\"rbc-card-body\">\n<h3 id=\"h-\" class=\"wp-block-heading category mb-half\"><\/h3>\n\n\n\n<h4 id=\"h-price-and-value\" class=\"wp-block-heading h3\">Price and value<\/h4>\n\n\n\n<p>Firms should assess their products and services in the round to ensure there is a reasonable relationship between the price paid for a product and service, and the overall benefit a consumer receives from it.<\/p>\n<\/div><\/div><\/div><\/div><\/li>\n\n\n\n<li class=\"wp-block-rbcbd-static-image-carousel-slide rbc-carousel-slide wrap\"><div class=\"rbc-carousel-slide-content\"><div class=\"rbc-card\"><div draggable=\"false\" class=\"rbc-card-wrap\"><div class=\"rbc-card-body\">\n<h3 id=\"h-\" class=\"wp-block-heading category mb-half\"><\/h3>\n\n\n\n<h4 id=\"h-consumer-understanding\" class=\"wp-block-heading h3\">Consumer understanding<\/h4>\n\n\n\n<p>A firm\u2019s communication should support and enable consumers to make informed decisions about financial products and services. Consumers should be given the information they need, at the right time, and presented in a way they can understand.<\/p>\n<\/div><\/div><\/div><\/div><\/li>\n\n\n\n<li class=\"wp-block-rbcbd-static-image-carousel-slide rbc-carousel-slide wrap\"><div class=\"rbc-carousel-slide-content\"><div class=\"rbc-card\"><div draggable=\"false\" class=\"rbc-card-wrap\"><div class=\"rbc-card-body\">\n<h3 id=\"h-\" class=\"wp-block-heading category mb-half\"><\/h3>\n\n\n\n<h4 id=\"h-consumer-support\" class=\"wp-block-heading h3\">Consumer support<\/h4>\n\n\n\n<p>Firms should provide a level of support that meets consumers\u2019 needs throughout their relationship with the firm. A firm\u2019s customer service should enable consumers to realise the benefits of the products and services they buy and ensure they are supported when they want to pursue their financial objectives.<\/p>\n<\/div><\/div><\/div><\/div><\/li>\n<\/ul><\/div><div data-glide-el=\"controls\" class=\"glide__arrows\"><button aria-label=\"Previous slide\" class=\"glide__arrow rbc-carousel-control rbc-carousel-control-prev\" style=\"width: 0px;\"><div class=\"rbc-icon rbc-carousel-control-arrow\"><i class=\"rbc-icon-img fal fa-angle-left\"><\/i><\/div><\/button><button aria-label=\"Next slide\" class=\"glide__arrow rbc-carousel-control rbc-carousel-control-next\" style=\"width: 0px;\"><div class=\"rbc-icon rbc-carousel-control-arrow\"><i class=\"rbc-icon-img fal fa-angle-right\"><\/i><\/div><\/button><\/div><div data-glide-el=\"controls[nav]\" class=\"glide__bullets rbc-carousel-dots\"><button aria-label=\"Slide 1\" data-glide-dir=\"=0\" class=\"glide__bullet rbc-carousel-dot\"><\/button><button aria-label=\"Slide 2\" data-glide-dir=\"=1\" class=\"glide__bullet rbc-carousel-dot\"><\/button><button aria-label=\"Slide 3\" data-glide-dir=\"=2\" class=\"glide__bullet rbc-carousel-dot\"><\/button><button aria-label=\"Slide 4\" data-glide-dir=\"=3\" class=\"glide__bullet rbc-carousel-dot\"><\/button><\/div><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n<section class=\"wp-block-rbcwm-rbc-block rbc-block rbc-block-flush-bottom has-white-background-color has-background\"><div class=\"container\"><div class=\"row \"><div class=\"col-lg-12\">\n<header class=\"wp-block-rbcwm-block-header row rbc-block-header\"><div class=\"col-lg-12\">\n<div class=\"row\">\n\n<h2 class=\"wp-block-heading has-text-align-left rbc-block-header-title col-lg-12\" id=\"h-how-does-this-impact-me\" style=\"margin-bottom:var(--wp--preset--spacing--40)\">How does this impact me?<\/h2>\n\n<\/div>\n\n\n\n<div class=\"wp-block-rbcwm-block-header-description rbc-block-header-description\">\n<p><\/p>\n<\/div>\n\n\n\n<p>The Consumer Duty is likely to increase pressure on firms that run a centralised investment proposition (CIP) or a centralised retirement proposition (CRP). This is because firms will likely need to provide evidence on an ongoing basis of how their CIP or CRP segments clients to meet their individual needs. One way to reduce this burden is to&nbsp;outsource the responsibility for creating and managing investment portfolios to a Discretionary Fund Manager.<\/p>\n\n\n\n<p>Firms currently following PROD 3 guidelines may choose whether to follow the rules in PROD or the Consumer Duty products and services outcome. However, failing to comply with PROD would also be taken as failing to comply with the Consumer Duty.<\/p>\n<\/div><\/header>\n<\/div><\/div><\/div><\/section>\n\n\n\n<section class=\"wp-block-rbcwm-rbc-block rbc-block rbc-block-grey has-block-grey-background-color has-background\"><div class=\"container\"><div class=\"row \"><div class=\"col-lg-12\">\n<header class=\"wp-block-rbcwm-block-header row rbc-block-header\"><div class=\"col-lg-12\">\n<div class=\"row\">\n\n<h2 id=\"h-key-documents\" class=\"wp-block-heading rbc-block-header-title col-lg-12\">Key documents<\/h2>\n\n<\/div>\n\n\n\n<div class=\"wp-block-rbcwm-block-header-description rbc-block-header-description\">\n<p><\/p>\n<\/div>\n<\/div><\/header>\n\n\n\n<div class=\"row blockId-35f91c89-eb68-4dc0-bda9-8d592a590986\">\n<div class=\"wp-block-rbcwm-column col-lg-12\">\n<div class=\"wp-block-rbcwm-expandable-container-block rbc-expandable-container\"><div class=\"rbc-card rbc-card-shadow\"><div class=\"rbc-card-wrap\"><div class=\"rbc-card-body rbc-card-flush rbc-card-box\">\n<div class=\"wp-block-rbcwm-expandable-block rbc-expandable\">\n<div id=\"target-market-and-fair-value-information-documents\" class=\"wp-block-rbcwm-expandable-block-title rbc-expandable-trigger rbc-expandable-arrow-wrap\"><button aria-expanded=\"false\" aria-controls=\"target-market-and-fair-value-information-documents-content\" data-target=\"target-market-and-fair-value-information-documents-content\" data-duration=\"400\" class=\"rbc-expandable-trigger-button rbc-expandable-trigger-button-between\">\n<h3 id=\"h-target-market-and-fair-value-information-documents\" class=\"wp-block-heading h4\">Target Market and Fair Value Information documents<\/h3>\n<div class=\"rbc-icon rbc-expandable-arrow rbc-expandable-arrow-right\"><i class=\"rbc-icon-img fal fa-angle-down\"><\/i><\/div><\/button><\/div>\n\n\n\n<div id=\"target-market-and-fair-value-information-documents-content\" aria-labelledby=\"target-market-and-fair-value-information-documents\" class=\"wp-block-rbcwm-expandable-block-content rbc-expandable-content rbc-expandable-content-inner-style content-8f05a25f-40e2-4b2a-b80b-334143dbea63\"><div class=\"rbc-expandable-content-body\">\n<p><a href=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/wme\/uk\/sustainable_mps_target_market_fair_value_information.pdf\" data-type=\"URL\" target=\"_blank\" rel=\"noreferrer noopener\" class=\"link-cta link-download\">Sustainable MPS Target Market and Fair Value Information<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/wme\/uk\/MI_Select_Managers_Target_Market_and_Fair_Value_Information.pdf\" data-type=\"URL\" data-id=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/wme\/uk\/MI_Select_Managers_Target_Market_and_Fair_Value_Information.pdf\" class=\"link-cta link-download\" target=\"_blank\" rel=\"noreferrer noopener\">MI Select Managers Target Market and Fair Value Information<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/wme\/uk\/voyager_target_market_fair_value_information.pdf\" class=\"link-cta link-download\" target=\"_blank\" rel=\"noreferrer noopener\">Voyager Target Market and Fair Value Information<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/wme\/uk\/dfm_target_market_fair_value_information.pdf\" data-type=\"URL\" data-id=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/wme\/uk\/dfm_target_market_fair_value_information.pdf\" class=\"link-cta link-download\" target=\"_blank\" rel=\"noreferrer noopener\">Bespoke Discretionary Fund Management Target Market and Fair Value Information<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/wme\/uk\/mps_target_market_fair_value_information_.pdf\" class=\"link-cta link-download\" target=\"_blank\" rel=\"noreferrer noopener\">Managed Portfolio Service Target Market and Fair Value Information<\/a><\/p>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbcwm-expandable-block rbc-expandable\">\n<div id=\"due-diligence-document\" class=\"wp-block-rbcwm-expandable-block-title rbc-expandable-trigger rbc-expandable-arrow-wrap\"><button aria-expanded=\"false\" aria-controls=\"due-diligence-document-content\" data-target=\"due-diligence-document-content\" data-duration=\"400\" class=\"rbc-expandable-trigger-button rbc-expandable-trigger-button-between\">\n<h3 id=\"h-due-diligence-document\" class=\"wp-block-heading h4\">Due Diligence document<\/h3>\n<div class=\"rbc-icon rbc-expandable-arrow rbc-expandable-arrow-right\"><i class=\"rbc-icon-img fal fa-angle-down\"><\/i><\/div><\/button><\/div>\n\n\n\n<div id=\"due-diligence-document-content\" aria-labelledby=\"due-diligence-document\" class=\"wp-block-rbcwm-expandable-block-content rbc-expandable-content rbc-expandable-content-inner-style content-65c3aaf7-2148-47a5-be34-675bbbb57469\"><div class=\"rbc-expandable-content-body\">\n<p>Our comprehensive due diligence document can help you evaluate us as your wealth manager by providing detailed information about our investment services, research capabilities, risk management framework and regulatory compliance.<br><a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/intermediaries\/consumer-duty\/download-our-due-diligence-document\" data-type=\"URL\" class=\"link-cta link-chev\">Request a copy<\/a><\/p>\n<\/div><\/div>\n<\/div>\n<\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"<p>The Consumer Duty is a new standard set by the Financial Conduct Authority (FCA). Building on existing standards, it sets out to provide better protection for consumers in the retail financial services market by putting customers\u2019 needs first, and setting higher expectations for the standard of care they receive from providers<\/p>\n","protected":false},"author":92,"featured_media":11451,"parent":31,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"editor_notices":[],"rbc_url_alias":"","footnotes":""},"rbcwm_content_owner":[],"class_list":["post-11575","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Consumer Duty &#8211; RBC Wealth Management United Kingdom<\/title>\n<meta name=\"description\" content=\"The Consumer Duty is a new standard set by the Financial Conduct Authority (FCA). 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