Recognise Bank and Consumer Duty

What is Consumer Duty?

Consumer Duty was introduced by the Financial Conduct Authority (FCA) and took effect on July 31, 2023. It establishes a comprehensive set of regulations and principles aimed at enhancing and clarifying standards for consumer protection within the financial services sector.

This obligation requires firms such as Recognise Bank, to demonstratively prioritise customers’ interests and ensure they experience good outcomes, which can be substantiated by adequate evidence. These “good outcomes” are defined as the provision of products and services that align with customer needs and provide fair value.

Our promise to you

At the very heart of Recognise Bank lies our commitment to customer centricity. We aim to deliver good outcomes for all our customers throughout their entire relationship with us.

Leading up to July 2023, we established a comprehensive plan to achieve and demonstrate this, including working with our distributors (brokers) to ensure they have sufficient information about our products and target markets when introducing new business opportunities to Recognise.

We are dedicated to consistently understanding, validating and monitoring the fulfilment of these outcomes in line with the rulings in the Duty.

Consumer Duty Timeline

Consumer Duty Timeline

Our approach

We’ve adopted a thorough strategy to ensure customers achieving good outcomes is a top priority in our business. We have addressed the Key Questions for Firms outlined by the FCA by assigning specific tasks to different parts of our business. We’ve also clearly defined the expected outcomes to demonstrate how well we’ve answered these questions.

We believe this comprehensive approach ensures that Recognise Bank has implemented and will continue to follow Consumer Duty requirements in a manner which safeguards our customers’ interests and builds trust in our banking practices.

The benefit to you

More information on Consumer Duty