Consumer Duty: The importance of asking clients the right questions

The Consumer Duty requires advice firms to give consumers the information they need at the right time, presented in a way they can understand, to empower them to make the right decisions. That's clearly right and proper but the complexity sits around how you evidence something like "understanding." It is no surprise that client feedback is one of the key data points that the Financial Conduct Authority (FCA) recommends firms collect. After all, how can you be sure anyone understands anything without asking them? However, merely collecting client feedback is often not sufficient. An...