Prepare for the FCA Consumer Duty

Understand how your customers behave at every step of their digital consumer journey to provide a consistently excellent standard of service.

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Why you need Fullstory to keep up with Consumer Duty regulations

Fullstory offers automatic, retroactive, and comprehensive session reproduction capabilities so your digital teams can understand and address issues–and demonstrate your historical dedication to improving customer outcomes.

What is the FCA Consumer Duty?

As of 2022, the United Kingdom’s Financial Conduct Authority (FCA) has set new standards of consumer care and protection across financial services, and requires firms to put their customers’ needs first. The goal is to empower consumers to make more informed and effective decisions in their best interests.

See what customers are experiencing

FullStory’s session replay is built for understanding the customer experience on your site, mobile app, or software.

Jump in at the first sign of trouble

FullStory automatically surfaces signals of user frustration so your team can provide real-time support, like live chat.

Maintain a record of outcomes

Look back at any point in time to see what customers experienced–without any additional tagging or instrumentation.

Ensure successful customer outcomes

With one DXI platform, your entire organization has the tools they need to ensure successful customer outcomes. Customer support can see exactly what went wrong to provide the most accurate and effective guidance, and product, engineering, or marketing teams can see bugs, friction, or opportunities for improvement to optimize precisely and quickly.

A lady holding a dog with stats showing how FullStory helped Pinnacle: 200% increase in conversions; 310% increase in overall sales; 50% reduction in time to resolution for Dev team.

“As a business, we didn't necessarily understand what the pain points were for the customer. Fullstory has allowed us to identify those pain points and fix them."

James Maxwell, CMO, Pinnacle Pet Group

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Frequently asked questions about the FCA Consumer Duty

What is FCA Consumer Duty?

The Consumer Duty is a new set of rules and guidelines from the UK’s Financial Conduct Authority to ensure financial services firms deliver quality outcomes for consumers.

The goal is for firms to consistently assess if their practices and processes meet their customers’ needs, helping the FCA identify what practices do not meet customers’ needs. This way, firms can change before these practices become standard practice.

Some examples of what the Consumer Duty seeks to do:

Provide more accessible customer support
Make it easier for consumers to end or disable services
Require clear communications to users that are more easily understood
End “unfair” fees

What does the FCA Consumer Duty do?

The FCA Consumer Duty aims to provide four main outcomes for users:

Equip consumers with the information they need to make educated decisions
Provide consumers with reliable and helpful customer support throughout the entire customer journey
Provide consumers with features that match their goals
Give consumers options and services at fair value

When does Consumer Duty come into effect?

The FCA Consumer Duty rules will be rolled out in phases. According to the FCA, rules for “new and existing products or services that are open to sale or renewal” will be enacted on 31 July 2023.

For “closed products or services,” the rules will be enacted on 31 July 2024.

Does Consumer Duty replace TCF?

The new FCA Consumer Duty differs slightly from TCF in the details, but the overall goal is the same — to benefit consumers and help firms provide services that meet consumer goals.

The Consumer Duty comes over a decade after the TCF, which began in 2006 under the UK’s former financial regulator, the Financial Services Authority (FSA).

Who does Consumer Duty apply to?

The new FCA Consumer Duty primarily applies to retail financial services in the UK.

Where can I read the FCA’s finalised guidance?

You can read the entire guidelines at the FCA website.