Current regulatory frameworks aren’t robust enough to protect consumers. The FCA is stepping in, overhauling expectations about the level of protection firms should provide. 

But they want to see real results fast. Businesses must be able to evidence that their culture and conduct risk management framework deliver good customer outcomes. This will be no small task with an anticipated spend of £2.4bn across the industry and many firms facing material costs.

If done right, this can drive positive change for firms as well as consumers. But it goes beyond good intentions – adopting a purpose-led culture, and effectively leveraging data will be critical to truly understand and support your consumers.