Consumer Duty to push acceleration of 'data-driven innovation'

White paper highlights Consumer Duty threats and opportunities

Jenna Brown
clock • 2 min read

The incoming Consumer Duty requirements from the Financial Conduct Authority (FCA) give firms an opportunity to take ownership of “data-driven innovation” which must be accelerated to ensure compliance with the rules, according to a Dunstan Thomas white paper.

The fintech's paper, Consumer Duty: A recipe for change highlights the threats and opportunities the rules pose for pension product providers and adviser platforms. The Consumer Duty imposes new outcomes-orientated demands on the pensions market which mean participants must provide better support to customers and ensuring they are in suitable investments for their life stage and current risk appetite, Dunstan Thomas explained. Firms have six months from the end of July 2023 to ensure the duty is met for existing customers. The paper said Consumer Duty gave firms the opportunity to ...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Consumer Duty

Consumer Duty: Five issues advisers must consider before 31 July

Consumer Duty: Five issues advisers must consider before 31 July

There are fewer than 70 days left and fast counting...

John Moret
clock 05 June 2023 • 4 min read
Industry Voice: Consumer Duty products and services — building blocks for demonstrating value

Industry Voice: Consumer Duty products and services — building blocks for demonstrating value

Ryan Medlock, Senior Investment Development Manager at Royal London, looks at the Consumer Duty Products and Services outcome.

Ryan Medlock, Senior Investment Development Manager at Royal London
clock 01 June 2023 • 4 min read
Threesixty debuts interactive Consumer Duty e-learning course

Threesixty debuts interactive Consumer Duty e-learning course

Educational offerings targets regulated firms and starts from £25

Hope William-Smith
clock 24 May 2023 • 1 min read