What is the Consumer Duty?
The Consumer Duty sets the standard of care that firms should give to customers in retail financial markets.
It sets expectations that can apply flexibly and dynamically to new products, services and business models as they continue to emerge and develop in a changing and increasingly digital environment. So, it better protects consumers from current and new/emerging drivers of harm and gives firms more certainty of our expectations to support innovation, competition and new ways of serving customers.
The Financial Conduct Authority’s (FCA) Consumer Duty, seeks to ensure customers receive these ‘good outcomes’ and that firms provide evidence that these outcomes are being met.
The four outcomes are:
- Governance of Products and Services
- Price and Value
- Consumer Understanding
- Consumer Support
Bridging Finance Solutions Group is committed to conducting its business in a fair, honest and open manner. We are constantly assessing our products to ensure that our clients continue to receive fair value. Our processes ensure that our products continue to meet the needs of our clients and adhere to the new Consumer Duty regulatory requirements.
Under our responsibilities, we are required to share with our distributor’s information about our products that have been assessed as providing fair value to customers that are within the appropriate target market. This is to support firms who distribute Bridging Finance Solution’s products in assessing the appropriateness of their distribution strategies and supporting good customer outcomes.
This page holds our Consumer Duty and our Fair Value Assessment Documents, which contain information on our regulated products, their intended target market and the outcome of our fair value assessments for both regulated bridging loans and self build mortgages.
The content of these assessments are not intended to be shared with clients and are for broker / intermediary use.
If you have any questions about the documents, please contact our Business Development Team.
