Consumer Duty: From implementation to validation

A look at where work still needs to be done as we move to the next phase

clock • 2 min read

The Consumer Duty deadline is upon us and firms need to act now, writes Chris Davies...

So, it's the day of the Consumer Duty implementation deadline, where firms need to comply with all the Duty regulations. Even though many have completed exemplary work, our RegTech platform Model Office's data (covering more than 1,000 firms) still, worryingly, shows many firms have work to do particularly around key issues such as; Value for money i.e., benchmarking products and services value against client experience Status quo bias, believing current practice is already good enough  Measurement of client good outcomes on an on-going basis  Identifying, monitoring and repor...

To continue reading this article...

Join Professional Adviser for free

  • 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

PA360: Gillian Hepburn on the ongoing vs fixed fees debate

PA360: Gillian Hepburn on the ongoing vs fixed fees debate

'Advisers may need to have a re-think and explain things'

Isabel Baxter
clock 25 April 2024 • 2 min read
 Consumer Duty: Looking back at the landmark regulation one year on

Consumer Duty: Looking back at the landmark regulation one year on

‘What we really need is wholesale cultural change’

Sarah Lyons
clock 23 April 2024 • 3 min read
Is this subterfuge? The hidden appeal of Consumer Duty

Is this subterfuge? The hidden appeal of Consumer Duty

'Maybe this is what a black belt in bureaucracy looks like'

Andrew Goodwin
clock 16 April 2024 • 4 min read