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

‘What we really need is wholesale cultural change’

clock • 3 min read

Sarah Lyons shares her thoughts on how she thinks the new regulation has been embraced by the industry, and what more could be done

It's an interesting premise – a set of rules that aren't really rules. An expectation of how to conduct business, without a manual telling us what's right and what's wrong.  Consumer Duty compels us to conduct our business in the right way. Moving beyond ‘doing things right' to ‘doing the right thing', it asks us to question everything through the eyes of the client. And frankly – what's wrong with that? Well, almost one year on from the first deadline and I'm still having frequent conversations with many who think that the duty is a big fat waste of time. The objection goes ‘but of c...

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