Consumer Duty – The Sequel – What’s next for providers?

I hope you all had good summers. Welcome back to the fray!!

On the last day of July, Consumer Duty landed with a thud, and I know lots of people who had got this over the line escaped pretty shortly after for a lie-down in the sun. But now school’s back – what next as this mindset, expectation and regulation moves into the realm of Business As Usual?

We look forward to welcoming you on Tuesday September 12th, where we are hosting leaders from across the industry at our half-day conference in London, to review how we did with the first Consumer Duty deadline, where to from here and how this will shape the landscape moving forward. With input from advice firms, platforms, asset managers and trade bodies, we’ll build a view of the opportunities and challenges the industry faces.

I asked one of our speakers – Ed Dymott , Managing Director of Benchmark – for his views on where firms have struggled and what change he hopes to see in the medium term.

1. What do you see as the biggest difficulty for providers in the first year of the Consumer Duty?

“Defining value for money in a way which makes sense for consumers. Like many businesses we look at net promoter scores, retention, satisfaction and complaint levels...