Consumer Duty is one of the biggest regulatory changes from the FCA we’ve seen for some time. It’s all about how we do business with, and treat our customers throughout their time with us.
The FCA’s Consumer Duty is designed to set higher and clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first.
It builds on the FCA’s existing principles with the introduction of Principle 12: “a firm must act to deliver good outcomes for retail customers”.
This principle is supported by three cross-cutting rules and four customer outcomes.
You can find out more about the Consumer Duty itself on the FCA’s Consumer Duty page.
We’ve completed a detailed gap analysis across all products, services, communications and processes to evidence they comply with the new Duty, overseen by our Group executive sponsor:
- We’ve identified and implemented actions to validate that our products and services are compliant for the 31 July 2023 regulatory deadline.
- We’ve embedded enduring frameworks and policies across the Legal & General business and culture to ensure our products and services continue to deliver good outcomes for our members.
- We’ve established action plans for further review and enhancement opportunities.
Products and services
Price and value
|Product||Fair value assessment||Assessment completed by|
|PDF file: View - WorkSave Pension Plan PDF size: 687KB||Pass||Independent Governance Committee|
|WorkSave Pension Plan - Self Investment||Pass||Legal & General|
|PDF file: View - WorkSave Mastertrust PDF size: 395KB||Pass||Mastertrust Trustees|
|PDF file: View - WorkSave Buy Out Plan PDF size: 599KB||Pass||Legal & General|
|PDF file: View - Group Stakeholder PDF size: 497KB||Pass||Independent Governance Committee|
|PDF file: View - Legal & General Personal Pension PDF size: 515KB||Pass||Legal & General|
|PDF file: View - WorkSave ISA PDF size: 631KB||Pass||Legal & General|
We will update this information if the outcome of these assessments change, at the earliest opportunity.
If you want to find out more about the way we’re fulfilling our obligations for Consumer Duty, please contact your usual Legal & General representative.