Consumer Duty Product Approval Template

How to Conduct Product Approvals under the Consumer Duty

Under the FCA’s Consumer Duty, firms must ensure that all products and services are designed to meet the needs, characteristics and objectives of their target market – and must not cause foreseeable harm. These expectations apply not only at the launch of the product, but also when it is significantly changed or adapted.

Consumer Duty Product Approval Template

Our Product Approval Template has been specifically designed to support firms when developing new products or making material changes to existing ones. It helps translate the FCA’s high-level requirements into a structured, practical process – making it easier for firms to evidence strong governance from the outset.

The template guides firms through the key elements of Consumer Duty product governance, including:

·       Clearly defining the target market and how the product meets their needs

·       Identifying and addressing foreseeable harms, including for vulnerable customers

·       Documenting approval decisions with clear rationale and governance oversight.

It supports both compliance teams and product owners in demonstrating that the product has been thoroughly assessed before launch or relaunch, helping to meet FCA expectations and, most importantly, delivering better outcomes for customers.