• 03 July 2023

    Consumer Duty rules impacting Phoenix Wealth products from 2024

    The Financial Conduct Authority (FCA) is introducing new Consumer Duty rules to increase the standard of customer protection across financial services. The new rules build on previous customer protection regulations such as Treating Customers Fairly and mean that firms must proactively work to deliver good customer outcomes across a number of areas.

    These are:

    • products and services
    • price and value 
    • consumer understanding 
    • consumer support

    Firms will need to take into account the characteristics, needs (including vulnerabilities), objectives and behaviours of customers at every stage of the customer journey. And they will need to be able to evidence if they are meeting good customer outcomes across the areas above.  For more information you can look at the FCA's Consumer Duty webpage.

    As part of the Phoenix Group, the UK’s largest long-term savings and investment business, we welcome this opportunity to increase our focus on customer outcomes even more.

    The rules will apply to Phoenix Wealth products only from 31 July 2024

    This is because all our products are classed as closed and Consumer Duty will only apply to closed products or services from 31 July 2024.  Although our products allow customers to continue paying money into their policies, they’re considered to be closed as they’re not open to new customers.

    Helping our customers achieve good financial outcomes has always been key to us and we are working towards this deadline to complete a review to ensure we comply with the new rules. We plan to publish updates on our review activity in the run up to the deadline.

    Compliance with Consumer Duty for open products across the wider Phoenix Group

    Outside of Phoenix Wealth, the wider Phoenix Group offers some open products under the Standard Life brand. As the deadline for open products is 31 July 2023, progress in reviewing compliance to the new rules for those particular products has already been communicated. If you’re interested in finding out more about the approach to this and actions taken, you can read more here.