Consumer Duty sets higher and clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first.
Full details including rules and guidance can be found on the FCA website Consumer Duty | FCA
At Premium Credit, we have a dedicated project team responsible for implementing Consumer Duty across the company, ensuring its embedded in every aspect of our business.
This includes ensuring we provide our partners with the support they need to embed the guidance set out by the FCA.
We are working to the FCA’s Key timeline shared on their website highlighted below. Over the coming period we look to communicate to you on our progress and provide supporting material earlier, if possible.
Within the sales journey, Consumer Duty defines Premium Credit’s role as the manufacturer of the premium finance product and you, the partner, as the distributor of that product.
We both have a role to play and need to work together to fully meet the Consumer Duty guidance, which come into force in July 2023.
Thank you for your ongoing support and we look forward to working with you to provide the best service for our customers.
To support you, we have:
Here are the key actions we have taken along with future phases that may be useful to help with your planning.