Consumer Duty Statement

FCA Consumer Duty

At MuchBetter, we understand the importance of consumer protection and fairness in the financial industry. That’s why we’re here to break down the FCA Consumer Duty for you.

What is Consumer Duty?

The Financial Conduct Authority (FCA) is the regulatory authority in the UK that ensures consumers are treated fairly by financial services firms. The Consumer Duty aims to ensure that firms are putting consumers’ best interests first, offering suitable products and services, and providing clear information for informed decision-making. There are three elements to the consumer duty:

New Consumer Principle

“A firm must act to deliver good outcomes for retail clients.”

Cross-Cutting Rules

Support the consumer principle by setting clear expectations for firms’ cultures and behaviours.

The “Four Outcomes”

Represent the key elements across the whole firm-consumer relationship. The outcomes are rules and guidance related to the quality of:

  • Products and services,
  • Price and fair value of products and services,
  • Consumer understanding,
  • Consumer Support.

By placing the responsibility on financial firms to prioritise their customers’ needs, the FCA consumer duty promotes transparency, fairness, and accountability in the financial industry.

When must regulated companies be compliant?

Companies regulated by the UK FCA are expected to be Compliant with the Consumer Duty by 31st July 2023.

Why is Consumer Duty important to MuchBetter?

As an esteemed digital payments company, licensed as an Electronic Money Institution (EMI) under the FCA, we prioritise the best interests of our customers by upholding fairness, transparency, and accountability. This aligns perfectly with our Human-Centred value, which places the customer at the heart of everything we do. By adhering to this duty, we not only establish trust and confidence among our valued customers, but also differentiate ourselves as a responsible and customer-centric EMI.

What has MuchBetter done to Implement Consumer Duty?

To ensure full compliance with the duty, MuchBetter mobilised a dedicated project team consisting of experts from various disciplines and representative of the entire product life cycle.  This allowed us to conduct a gap analysis aligned with the four Consumer Duty outcomes. We have also delved into defining our target market and analysing user journeys and user personas, including those with characteristics of vulnerability. This customer-centric approach helps us test our outcomes thoroughly and ensure we are meeting the needs of all our customers.

Through our gap analysis phase, we identified areas of priority and initiated changes across all aspects of our business. We are confident in our commitment to meeting the requirements of Consumer Duty, ensuring that we deliver good customer outcomes for our retail customers.

To further demonstrate our dedication, MuchBetter has appointed MIR UK Director Mark Sperring as Consumer Duty Champion, who will serve as a representative on our board and ensure compliance with the Duty.

How will MuchBetter oversee that it is delivering good outcomes?

We will soon be implementing a series of reporting measures to regularly monitor we are delivering good customer outcomes. These will be reviewed by the business at frequent intervals and any metrics which are not in line with our KPIs will be addressed with corrective action.

What’s next for MuchBetter & Consumer Duty?

Our commitment to delivering good outcomes doesn’t end with the completion of our project. We believe in going above and beyond which is why we have a detailed ‘Day Two’ plan in place, owned by our business. This plan focuses on initiatives that extend beyond compliance, ensuring that we continue to make a positive impact.

We have developed a long-term strategy that includes maintaining staff engagement, monitoring ongoing compliance, and addressing any emerging challenges or opportunities that may arise. By constantly striving for improvement and staying proactive, we aim to create a sustainable and responsible consumer culture that benefits everyone involved.

Where can I reach out to for more information?

If you would like more information, please email