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
- 27 July 2022
- The FCA publishes the final rules and guidance on Consumer Duty.
- 31 October 2022
- Deadline for firms to review the Duty and agree implementation plans.
- 30 April 2023
- Manufacturers (lenders) complete their review of products/services to enable distributors (brokers) to meet the outcome rules.
- 31 July 2023
- Implementation deadline for Consumer Duty for products/services that are avaliable to new customers or the market.
- 31 July 2024
- Implementation deadline for Consumer Duty for products/services that are no longer avaliable to new customers or the market.
Consumer Duty Timeline
- 27 July 2022
- The FCA publishes the final rules and guidance on Consumer Duty.
- 31 October 2022
- Deadline for firms to review the Duty and agree implementation plans.
- 30 April 2023
- Manufacturers (lenders) complete their review of products/services to enable distributors (brokers) to meet the outcome rules
- 31 July 2023
- Implementation deadline for Consumer Duty for products/services that are avaliable to new customers or the market.
- 31 July 2024
- Implementation deadline for Consumer Duty for products/services that are no longer avaliable to new customers or the market.
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
- Products and Services which are fair value
- Clear and easy to understand communications
- The right support for you, just when you need it
- A dedicated internal team who regularly review the bank's actions and look for ways to improve further
More information on Consumer Duty
- To learn more about Consumer Duty, please visit the FCA's website by following the link below
