Consumer Duty has changed financial services but the biggest test is still to come

When it was first introduced by the Financial Conduct Authority three years ago, Consumer Duty represented one of the biggest changes to financial regulation in a generation. It asked firms to think differently about how they design products, communicate with customers and, ultimately, support better outcomes. During this initial phase, firms' focus on implementation required dedicated programmes, standalone board reports, new governance structures and extensive reviews of products and customer journeys.  Over the past three years, however, its focus has changed significantly. It's...