Consumer Duty outcomes: 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...