At TGK Business Consultancy we help firms comply with the Financial Conduct Authority’s (FCA) new Consumer Duty principle. With the FCA’s unwavering commitment to safeguarding consumers’ interests, it is essential for financial businesses to embrace this challenging legislation fully.

To assist your firm in meeting the requirements of the Consumer Duty principle, our expert team offers tailored solutions and comprehensive guidance. Here are some practical steps we take together to ensure effective implementation:

1. Product and Value Assessments

Our team will work closely with you to conduct rigorous product and value assessments. This involves scrutinising the products and services you offer to ensure they align with the principle’s core objectives of fairness, affordability, and suitability for consumers.

2. Culture of Fairness

Establishing a culture of fairness is critical in complying with the Consumer Duty principle. We will help your business instil this culture throughout all levels, ensuring that ethical conduct and customer-centricity become integral to your business operations.

3. Transparency and Disclosure

Ensuring transparency in communications and disclosures is key to building consumer trust. We will guide you in enhancing your disclosure practices, making sure that customers receive clear and understandable information about products and associated costs.

4. Evidence of Compliance

To demonstrate compliance with the Consumer Duty principle, it is crucial to maintain thorough records of assessments, decision-making processes, and customer interactions. Our team will help you gather and organise the necessary evidence, ensuring you are well-prepared for any regulatory queries.

5. Training and Education

Equipping your team with the knowledge and understanding of the Consumer Duty principle is vital. We offer comprehensive training sessions to empower your employees with the skills needed to comply with the new regulation effectively.

6. Continuous Monitoring and Improvement

Demonstrating that your firm is operating in alignment with the Consumer Duty Principles is an ongoing process. We will work with your firm and your other professional advisers to establish robust monitoring mechanisms, enabling you to assess the impact of your efforts regularly. This way, you can continuously improve your processes and adapt to any changes in the regulatory landscape.

By partnering with us, you can confidently embrace the challenges and opportunities presented by the new era of consumer protection. Let our in-depth knowledge and practical experience help you build a reputation as a responsible, consumer-centric organisation, fostering sustainable growth while meeting the demands of this vital legislation.