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 ...

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