Consumer Duty & more2life

The Consumer Duty is one of the biggest changes to the financial services industry in years.

At more2life, we believe that the Consumer Duty is a positive step for consumers and for the sector. It will drive high standards and ensure that consumers receive good outcomes and are able to make informed decisions. We are committed to working with our distribution partners and industry stakeholders to ensure that the Consumer Duty is implemented effectively and that consumers benefit from it.


Consumer Duty builds on the previous Treating Customers Fairly regulatory framework and  sets out a new over-riding Principle  for how financial services firms should treat their customers, focusing on delivering ‘good’, rather than just ‘fair’, outcomes..


The FCA implementation timeline has been set to the following milestones:

1. By the end of April 2023, all lenders need to have completed the reviews necessary to meet the outcome rules for their existing open products and services, ready to share with distributors to meet their obligations under Consumer Duty and identify where changes need to be made. The output of more2life’s reviews are contained in the product information links below, which include additional information over who our products may or may not be suitable for, the needs the products are designed to meet, and the associated product characteristics.

2. From the end of July 2023, the Consumer Duty will apply to all new products and services, and all existing products and services that remain on sale or open for renewal.

3. From the end of July 2024, the Consumer Duty will come fully into force and apply to all closed products and services.

To meet the new rules, the FCA has outlined four key outcomes that set out their expectations of firms in relation to:

Products and services

Price and value

Consumer understanding

Consumer support

Our product information sheets

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