Edelman Smithfield - How well are financial providers adapting to the new Consumer Duty?

On 31 July 2023, the Financial Conduct Authority (FCA) introduced a new Consumer Duty, which applies to all open financial products. Designed to ensure that financial services businesses put their customers first, providing ‘good outcomes’ and ‘fair value’, the regulator expects it to lead to a “major shift in financial services”, boosting competition and considerably strengthening consumer protection. But what do these phrases mean to consumers? What happens when financial services companies’ interpretations of Consumer Duty come into contact with customers? And how should we expect the Regulator and customers to hold providers to account in this new regulatory environment?

 

To answer these thorny questions and more, Edelman Smithfield’s Aidan Holloway and Latika Shah speak with special guest Chris Woolard, ex-interim CEO of the FCA, now a Partner at EY and Chair of its Global Regulatory Network.