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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