Consumer Duty outcomes: Evidencing client understanding

Third part in Consumer Duty series highlighting key adviser issues

clock • 4 min read

Lee Halpin continues his series on Consumer Duty outcomes for advisers, in part three he looks at the importance of (and difficulties attached to) evidencing client understanding...

Testing someone's understanding on a given topic is much more difficult than it might sound. Understanding is neither tangible nor material and we can't sit customers down for a GCSE-style exam on their investment portfolio and retirement goals. But it absolutely cannot be a box-ticking exercise. So how do the various firms throughout the value chain make sure their communications land appropriately with clients? It's an important question for all firms because Consumer Duty demands quality communications and, more crucially, evidence of understanding. The Financial Conduct Authori...

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