Consumer Duty is a new principle introduced by the Financial Conduct Authority (FCA) that establishes the standard of care financial firms must provide to retail customers. It aims to ensure that consumers receive positive outcomes from the products and services they use. This principle came into force on 31 July 2023 and applies to all new and existing financial products and services offered by firms.
Who Does Consumer Duty Apply To?
The Consumer Duty framework is applicable to all retail customers serviced by Ebury Partners UK Limited and Ebury Partners Markets Ltd. As defined by the FCA, retail customers include:
Consumers: Any natural person acting for purposes outside their trade, business, or profession.
Microenterprises: An enterprise that employs fewer than 10 persons and has a turnover or an annual balance sheet total not exceeding £1 million.
Charities: Any charity with an annual turnover of less than £1 million, and natural persons acting as trustees, when acting for purposes outside their trade, business, or profession.
Which Ebury Services Are Covered by Consumer Duty?
Consumer Duty applies to all activities conducted by Ebury, encompassing every service and product offered, as well as individual customer interactions.
What Areas of Business Does Consumer Duty Affect?
Consumer Duty impacts the following areas:
Our Products and Services: Ensuring that they meet the required standards and provide value.
Pricing and Value: Assessing that our products are priced fairly in relation to the value they provide.
Communication: Effectively communicating with customers to guarantee their understanding of products and services.
Customer Support: Enhancing the support provided to customers to ensure their needs are met satisfactorily.
Are Existing Products and Services Covered Under Consumer Duty?
Yes, Consumer Duty encompasses all products and services, whether existing or new, ensuring compliance across the board.
Where can I find more information about Consumer Duty?
For more detailed information regarding the Consumer Duty, you can visit the FCA's official website, where extensive resources and guidance on the subject are available. Additionally, you may contact Ebury directly through our customer support channels for specific inquiries related to how this principle will affect your services.
For further assistance, feel free to contact Ebury support directly via live chat or at the below email addresses:
EMEA (operationsteam@ebury.com)
Asia Pacific (operationsteam.apac@ebury.com)
America (operationsteam.ca@ebury.com)