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Americas

United States
Puerto Rico

Europe

Denmark
Germany
Ireland
Norway
Poland
Sweden
United Kingdom
Spain

New rules introduced by the Financial Conduct Authority (FCA) aim to improve protection for UK customers of financial firms – including Elavon.

The FCA’s Consumer Duty comes into force at the end of July 2023. This sets higher standards for financial businesses and obliges them to improve their communications, products and services and ensure they better meet the needs of customers. 

At Elavon, we welcome the new duty, in particular its added protection for vulnerable people.

That’s because we’re confident Elavon already puts our customers’ needs first, offering first-rate products that deliver what they need. 

The FCA said the Consumer Duty rules will: 

  • end excessive fees and charges 

  • make it easier for customers to switch or cancel products

  • end the practice of burying key information in complex, lengthy terms and conditions  

  • provide products and services that are right for the customer 

  • focus on the diverse needs of customers, particularly vulnerable people. 

The new Consumer Duty is made up of three parts: a consumer principle, cross-cutting rules, and the ‘four outcomes’.

The new duty pays particular attention to vulnerable customers. 

The FCA has divided vulnerability into four areas and given examples of what it says could be considered vulnerable.

Health can include physical disability, low mental capacity, hearing or visual impairments, or severe or long-term sickness.

Life events includes caring responsibilities, bereavement, income shock, relationship breakdown or non-standard requirements such as care leavers or refugees. 

Resilience includes low savings or under pressure from debt, low or erratic income, low emotional resilience or a lack of support structure.

Capability can include a lack of knowledge or confidence in financial matters, poor literacy or numeracy, and for those who don’t have English language as a first language, lack of digital skills or a learning impairment.

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