The FCA Consumer Duty sets the standard that firms should give to customers in retail financial markets and sets expectations that can be applied to products, services, and business models.
It's designed to guarantee that customers are at the heart of business practices. Providing products and services that meet their needs and communicating to customers in a way that enables them to make informed decisions about their finances.
We've detailed our target market and distribution strategy for each lifetime mortgage product. These product statements illustrate how we design, monitor, and review our products to ensure ongoing fair value and alignment with the financial objectives of consumers, including those who are vulnerable.
Advisers' main area of focus are the three cross-cutting rules of conduct set by the FCA. These outline how to deliver the best outcomes for customers.
Both advisers and lenders are accountable for good consumer outcomes and safeguarding customers. Like any other financial service, the equity release process must abide by the four outcomes.
Having won multiple industry awards for our support and service, we're acutely aware of the role we play in securing the best outcomes for our lifetime mortgage customers and we've appointed a Consumer Duty Champion at board level.
The FCA's Consumer Duty has set higher and clearer standards of consumer protection. We're committed to delivering the best outcomes for all our customers, whether supporting advisers directly or helping our customers achieve their financial goals.
Paul Carter, CEO
For more in-depth insight into how consumer duty impacts lifetime mortgages, you can call our team and even book in a personal visit to your offices.
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