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FCA Consumer Duty: complaints handling, RCA and data, board oversight, foreseeable harm and FOS redress expectations
PRACTICE NOTES
FCA Consumer Duty: complaints handling, RCA and data, board oversight, foreseeable harm and FOS redress expectations
In March 2026, the FCA published FG26/2: Good and Poor Practice on identifying harm. FG26/2 sits alongside broader regulatory changes aimed at modernising redress and complements the Consumer Duty material in FG22/5 Final non-Handbook Guidance. This Practice Note is currently in the process of being revised to take full account of this development. See: HMT and FCA outline planned reforms of the FOS. The Financial Conduct Authority’s (FCA) Consumer Duty (the Duty) applied from 31 July 2023 for open products, and from 31 July 2024 for closed products, establishing heightened protections by obliging firms to act to secure good outcomes for retail clients. The Duty is anticipatory, requiring firms to embed customers at the centre of their operations, and to provide products and services that are suitable and offer fair value. This also entails the ongoing tracking, careful evaluating, and prompt
Financial Services
UK GDPR representative appointment and notification clauses for controller–processor (supplier–customer) agreements — pro-controller and pro-processor options
PRECEDENTS
UK GDPR representative appointment and notification clauses for controller–processor (supplier–customer) agreements — pro-controller and pro-processor options
Note These provisions are prepared on the basis that the applicable contract is a business-to-business arrangement, with the supplier acting as processor for a customer in the role of controller, in relation to the processing of personal data governed by the United Kingdom General Data Protection Regulation (UK GDPR), Assimilated Regulation (EU) 2016/679. The terms ‘supplier’ and ‘customer’ (in place of ‘processor’ and ‘controller’) are used to simplify incorporation into commercial contracts. The drafting also relies on the additional defined terms ‘Agreement’, ‘Business Day’, ‘Customer’, ‘Data Protection Laws’, ‘Data Subject’, ‘GDPR’ and ‘Supplier’, which are assumed to be defined appropriately elsewhere in the relevant agreement. It is further assumed that ‘GDPR’ refers to UK GDPR and that ‘Data Protection Laws’ includes UK GDPR. These provisions can also be adapted for circumstances where the EU General Data Protection Regulation (EU GDPR), Regulation (EU)
Information Law
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