FCA and ICO issue Consumer Duty statement for financial services providers
27/03/2026 | Financial Conduct Authority
The Financial Conduct Authority (FCA) and the Information Commissioner's Office (ICO) have published a joint statement to help financial services providers deliver good outcomes for retail consumers in vulnerable circumstances. The guidance ensures that businesses can meet the requirements of the Consumer Duty while maintaining the lawful and responsible use of personal information.
The statement addresses three practical areas: supporting vulnerable individuals, sharing data appropriately across the distribution chain, and monitoring outcomes to ensure support is effective. The statement also highlights that laws, including the UK General Data Protection Regulation (GDPR), the Data Protection Act 2018 (DPA18) and Privacy and Electronic Communications Regulations 2003 (PEC-Regulations), do not prevent firms from achieving positive consumer results. However, businesses must remain compliant with data protection requirements while processing vulnerability-related data. By aligning FCA expectations with ICO guidance, the statement aims to help firms support consumers in a confident and compliant manner.
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