FCA reiterates Consumer Duty support expectations

FCA reminded firms of Consumer Duty and borrower-in-difficulty obligations amid renewed cost-of-living pressures linked to Middle East conflict.

With cost-of-living pressures persisting, the FCA is reiterating expectations on supporting consumers under the Consumer Duty and borrower-in-difficulty rules. Firms should expect supervisory testing of forbearance, fee waivers and tailored support.

Reinforces Consumer Duty supervisory focus on outcomes for vulnerable and financially stressed customers.

Repeated emphasis indicates continued supervisory scrutiny of Consumer Duty implementation in lending and collections.

“FCA blog reminds firms of clear expectations on supporting consumers through Consumer Duty and rules on protections for borrowers in difficulty amid cost-of-living pressures.”