Consumer Duty
Consumer Duty Rules
Important information about the new Consumer Duty rules.
The Financial Conduct Authority’s Consumer Duty rules require that we must:
By 30th April 2023
Carry out a value assessment of our products and review that assessment on a regular basis appropriate to the nature and duration of the product.
From 31st July 2023
Ensure that our products provide fair value to retail customers in the target markets for those products.
Following the completion of the fair value assessments we have now made all appropriate information available to you to:
Understand the characteristics of our products
Understand the identified target market
Consider the needs, characteristics, and objectives of any customers with characteristics of vulnerability
Identify the intended distribution strategy
Ensure the product will be distributed in accordance with the target market
Broker Information Sheets
Kensington has worked with UK Finance, the Building Societies Association, the Association of Mortgage Intermediaries, and the Intermediary Mortgage Lenders Association to produce a Broker Information Sheet to provide you with the results of our mortgage fair value assessments, incorporating the information detailed above.
These Broker Information Sheets, containing the results of the fair value assessments, are now available to you. These sheets will allow you to meet your obligations under the Consumer Duty rules, applicable from 31st July 2023.
You may access them by selecting the relevant Broker Information Sheets here.