Jurisdiction(s):
United Kingdom

Key definition

FCA definition

What does FCA mean? In legal practice, FCA means the UK financial conduct authority, the conduct regulator for most financial services firms and markets. It sets and enforces conduct standards (including the Consumer Duty), authorises firms and individuals, and oversees markets so they function well for consumers and market integrity. Created by the Financial Services Act 2012 and exercising powers under the Financial Services and Markets Act 2000 (FSMA), the FCA replaced the FSA in 2013. It makes rules in the FCA Handbook, polices financial promotions (FSMA s.21), supervises firms, and uses extensive enforcement powers. The FCA is the UK competent authority...

FCA Consumer Duty Fair Value: Checklist for PRIN 2A.4 Assessments Covering Manufacturers, Distributors, Target Markets, Pricing, Vulnerable Customers, Closed Products and Governance

Published by a LexisNexis Financial Services expert

Checklists

This checklist helps practitioners grasp and consistently apply the FCA’s Consumer Duty requirements for evidencing fair value effectively. It should be considered alongside other relevant practical Consumer Duty materials and references:

for information on the main elements of the Consumer Duty with general application, see Practice Note: The FCA Consumer Duty—essentials; also for a suite of sectoral guidance and checklists see: Consumer protection and FCA Consumer Duty—overview
for key developments relating to the FCA’s Consumer Duty, see: The FCA Consumer Duty—timeline

Background

Under the Consumer Duty, four outcomes cover the central and key aspects of the firm–customer relationship. The second outcome is the Price and Value Outcome, which is concerned with an overarching obligation that products must deliver ‘fair value’ to customers. Under PRIN 2A.4:

value is the relationship between the amount paid by a retail customer for the product and the benefits they can reasonably expect to receive from the product; and
a product provides fair value where the amount paid for the product is reasonable relative to the benefits of the product

Under the Price and Value Outcome, obligations apply to both a manufacturer as well as a distributor equally...

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Michael Oxlade

Simmons & Simmons

Michael Oxlade is a member of Simmons & Simmons’ financial services regulatory practice in London, focusing on regulated payments and lending. Michael works with major banks, FinTechs, and payments firms on the regulation of payment services and consumer credit lending. Before joining Simmons & Simmons in 2024, Michael spent more than a decade in the consumer finance team at another London-headquartered global law firm. ...

Web page updated on 20/05/2026

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