Recognise Bank and Consumer Duty

What is Consumer Duty?

Consumer Duty was introduced by the Financial Conduct Authority (FCA) and took effect on July 31, 2023. It establishes a comprehensive set of regulations and principles aimed at enhancing and clarifying standards for consumer protection within the financial services sector.

This obligation requires firms such as Recognise Bank, to demonstratively prioritise customers’ interests and ensure they experience good outcomes, which can be substantiated by adequate evidence. These “good outcomes” are defined as the provision of products and services that align with customer needs and provide fair value.

Our promise to you

At the very heart of Recognise Bank lies our commitment to customer centricity. We aim to deliver good outcomes for all our customers throughout their entire relationship with us.

Leading up to July 2023, we established a comprehensive plan to achieve and demonstrate this, including working with our distributors (brokers) to ensure they have sufficient information about our products and target markets when introducing new business opportunities to Recognise.

We are dedicated to consistently understanding, validating and monitoring the fulfilment of these outcomes in line with the rulings in the Duty.

Consumer Duty Timeline

  • 27 July 2022
  • The FCA publishes the final rules and guidance on Consumer Duty.
  • 31 October 2022
  • Deadline for firms to review the Duty and agree implementation plans.
  • 30 April 2023
  • Manufacturers (lenders) complete their review of products/services to enable distributors (brokers) to meet the outcome rules.
  • 31 July 2023
  • Implementation deadline for Consumer Duty for products/services that are avaliable to new customers or the market.
  • 31 July 2024
  • Implementation deadline for Consumer Duty for products/services that are no longer avaliable to new customers or the market.

Consumer Duty Timeline

  • 27 July 2022
  • The FCA publishes the final rules and guidance on Consumer Duty.
  • 31 October 2022
  • Deadline for firms to review the Duty and agree implementation plans.
  • 30 April 2023
  • Manufacturers (lenders) complete their review of products/services to enable distributors (brokers) to meet the outcome rules
  • 31 July 2023
  • Implementation deadline for Consumer Duty for products/services that are avaliable to new customers or the market.
  • 31 July 2024
  • Implementation deadline for Consumer Duty for products/services that are no longer avaliable to new customers or the market.

Our approach

We’ve adopted a thorough strategy to ensure customers achieving good outcomes is a top priority in our business. We have addressed the Key Questions for Firms outlined by the FCA by assigning specific tasks to different parts of our business. We’ve also clearly defined the expected outcomes to demonstrate how well we’ve answered these questions.

We believe this comprehensive approach ensures that Recognise Bank has implemented and will continue to follow Consumer Duty requirements in a manner which safeguards our customers’ interests and builds trust in our banking practices.

The benefit to you

  • Products and Services which are fair value
  • Clear and easy to understand communications
  • The right support for you, just when you need it
  • A dedicated internal team who regularly review the bank's actions and look for ways to improve further

More information on Consumer Duty

  • To learn more about Consumer Duty, please visit the FCA's website by following the link below
Learn more
Recognise Logo 2024_white
Linkedin Facebook-square Instagram
PRODUCTS
COMPANY
LEGAL
HELP

1Currently, only LLPs and Limited Companies can deposit over £85,000. 

2FSCS Protection up to £85,000 on your eligible deposits.

Recognise Bank reserves the right to withdraw any of their products from sale at any time.

Recognise Bank Limited is a company registered in England and Wales, registration number 10603119 with its registered office at Augustine House, 6a Austin Friars, London, United Kingdom, EC2N 2HA. Recognise Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 849404 

Loan facilities offered by Recognise Bank Limited are non-regulated contracts under the Financial Services and Markets (Regulated Activities) Order 2001 and the Financial Services and Markets Mortgage Credit Directive Order 2015. Your property is at risk if you fail to make payments on a mortgage contract.

© Recognise Bank 2024

Steve Pateman

Steve has had an extensive executive career in banking leading corporate and commercial banking businesses at RBS/NatWest, managing Santander’s UK banking businesses and as CEO of Shawbrook Bank, Hodge Banking Group and most recently successfully leading the banking licence application for StreamBank.

He is a non-executive Director at Bank of Ireland both in the UK and Dublin and Thin Cats, a specialist SME lending business and is retained as an advisor to Black Lion Ventures. He was previously President of the Chartered Banker Institute.

Steve took up the role of Chair (subject to regulatory approval) at Recognise Bank in November 2024, having served as an Investor Non-Executive Director since January 2024.