Blog: Lender priorities ahead of Consumer Duty enforcement

The authority is bringing in the consumer duty to tackle what it sees as too many instances of firms exploiting the behavioural biases of their customers. This is by the way that they present information, exploit customer loyalty or inertia, sell products or services that are not fit for purpose or do not give value for money, or provide inadequate levels of customer support. 

The FCA’s consumer duty will form the core of financial regulation in the retail financial services sector and, during 2022 and 2023, regulated firms across the mortgage sector will need to consider how to translate FCA policy into practical action. 

With several of the recent Dear CEO letters on issues impacting the mortgage market stating “but we are not waiting for the Duty to come in before we act to improve consumer outcomes”, here are three areas in that mortgage lenders should prioritise now:   

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