This clearly shows how seriously they are taking this move from rules to outcomes-based regulation.
While many firms believe they are already customer-centric, the consumer duty will test the reality of this.
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What is new and sits at the heart of the challenge firms face is a shift in focus towards actively assessing how and why their actions and processes are working to deliver the desired good outcomes for their retail clients and evidencing the decision-making process of how this is achieved.
If your firm has missed the deadline, don’t panic, there is still time to get the help you need. But you must do so now in order to submit your action plan as soon as possible.
Liz Field is chief executive of Pimfa
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