Consumer Duty

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.

What is consumer duty and why is it important?

Watch video on how you can adopt a purpose-led culture and leverage data to truly understand and support your consumers.

Our Insights

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Why the Consumer Duty will empower firms to combat greenwashing

What are the regulator’s intended outcomes from SDR and how are they linked to the Consumer Duty?

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Turning compliance into competitive advantage: how to move up the Consumer Duty maturity curve

Expectations the Consumer Duty is - not just in delivering good outcomes but also demonstrating them.

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Essentials for Consumer Duty implementation

The Consumer Duty sets a clearer and higher standard of care that financial institutions must give to consumers, as defined by the FCA

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Building an intentional, measurable and outcome-focused culture

How firms can define, influence and measure culture to support the requirements of the Consumer Duty and the growing expectations of the FCA in this area.

As Consumer Duty looms, over 38 million UK adults don’t understand financial T&Cs

Money Marketing features Baringa's Zoe Young's article: “As Consumer Duty looms, over 38 million UK adults don’t understand financial T&Cs".

Consumer Duty: getting implementation on track

We should not underestimate the step change in culture and operations needed to deliver and demonstrate ‘good’ outcomes for consumers.

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The first big test: get set for the board submissions in October

How can you make sure you and your Board are ready ahead of the board submissions in October 2022?

Good outcomes: gearing up for the new consumer duty

Building your foundations for consumer duty compliance. Here are your five priorities to stand out.

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Building a “best in class” complaints process

At Baringa we are proud to call the Financial Ombudsman Service a client, who we have been working with to improve their complaint handling processes.