Overview

In order for firms to meet their obligations under the Financial Conduct Authority (FCA)’s Consumer Duty, manufacturers and distributors require information about key aspects of a product or service, including its characteristics, target market and the evidence relating to consumer outcomes. Information sharing requirements are a key component of complying with the Duty ensuring firms can quickly address issues to prevent consumer harm and deliver good consumer outcomes. This Checklist sets out the responsibilities of manufacturers and distributors to share information within the distribution chain and make notifications to other firms and to the FCA under the Consumer Duty. It addresses the obligations to share information in the distribution chain, to notify other firms in the distribution chain when harm or potential harm is identified; to notify the FCA regarding firms in the distribution chain. It further addresses data protection obligations and competition law considerations.

For information on the Consumer Duty’s application and its component parts see Practice Note: The FCA Consumer Duty—essentials. Information on outsourcing, can be found in Practice Note: The