The Consumer Duty’s Principle 12 outlines four key areas that firms need to enhance to ensure good client outcomes:
- Product and services: demonstrating that the customer’s best interests are at the core of the product or service through constant review, optimisation and customer feedback.
- Price and value: ensuring there is a positive alignment between the benefits provided by products and services and the associated costs.
- Consumer understanding: enhancing client awareness through the provision of clear and relevant documentation.
- Consumer support: improving real-time client support.
The implementation of the Consumer Duty regulatory changes spans a firm’s complete client lifecycle and how that firm manages the best possible client outcomes. Firms need to define and document the client outcomes, putting in place suitable controls and reporting frameworks.
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