Consumer Duty, an FCA regulation, elevates consumer protection standards within the financial services sector.
The new Consumer Duty regulations establish a framework that means providers and adviser firms, irrespective of size, need to evaluate if they are achieving positive outcomes for their customers and clients across several areas. This encompasses the suitability of recommended products, the clarity and quality of communications (both verbal and written), the standard of pre-sale and post-sale services, and the effectiveness of the support provided in facilitating customers' financial decisions regarding their future, including those with vulnerabilities.
This greater emphasis on consumer outcomes necessitates proactive assessment of how your firm's actions and processes contribute to delivering favorable outcomes for your clients.
Click here to discover its implications for your firm and read the research by Royal London.
