Firms found lacking in Consumer Duty preparations

Only 52% of firms feel they are well prepared for Consumer Duty requirements, according to a study.
Analytics firm AKG’s “Vulnerable customers report” – sponsored by Standard Life – revealed 11% of firms felt unprepared for the rules, with 37% admitting they could do better.

The research follows the Financial Conduct Authority’s recently published expectations around consumer duty, which requires firms to put customers’ needs first in four clear points of guidance.

“If, as an industry, we develop a progressive focus on how we demonstrate positive client-centric values, we are convinced that this will continue to improve outcomes for all clients,” said Dimpel Patel, head of client services at RBC Brewin Dolphin.

This article is taken from the print edition of Financial Promoter. Click here to subscribe.