5 Products and services, and the consumer duty framework The consumer duty framework comprises: • One principle Which reflects the overall standards of behaviour that the FCA wants from firms • Three cross-cutting rules Which develop overarching expectations that apply across all areas of firm conduct • Four outcomes Which give more detailed expectations for the key elements of the firm-consumer relationship The aim of the products and services outcome is that all products and services for retail customers should be fit for purpose. They need to be designed to meet consumers’ needs and targeted at those consumers. Figure one - The Consumer Duty Structure threesixty comment The product and services outcome complements the other outcomes. It is critical that products and services are well designed and targeted appropriately so that they can then be offered at fair value, suitably communicated and supported throughout their full lifecycle.
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