The UK’s Consumer Duty came into force on July 31, with many firms now evaluating if they have done enough to meet the requirements of the duty and planning for day two activity to ensure that they are well positioned meet their consumers’ increasingly complex needs.

Firms now need to demonstrate that they have both met the expectations of the duty but are also making progress in ensuring they continue to deliver good outcomes for their customers.

We are providing insights, tools and solutions to help firms get confidence in how robustly they have implemented the policy requirements for their on-sale products, how to tackle the implementation for off-sale products, and where to focus and build capabilities as part of Day 2 implementation.

1. PROTECT : CONSUMER DUTY

MEET THE HEIGHTENED STANDARDS OF CONSUMER PROTECTION REQUIRED BY THE NEW CONSUMER DUTY REGULATION

• Customer Outcome Monitoring and MI Reporting
• Identification and treatment of increasingly complex vulnerabilities
• Enhanced product lifecycle management and Fair Value Exchange

In the months ahead, we will be sharing more insights and introducing accelerators – including our new Vulnerability Lab – to ensure firms can meet the new standards set by the Consumer Duty.