The Consumer Duty’s Principle 12 outlines four key areas that firms need to be enhance to ensure good client outcomes:
- Product & 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 & 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 firms complete client lifecycle and how that firm manages the best possible clients outcomes. Firms need to define and document the client outcomes, putting in place suitable controls and reporting frameworks.