A year on from the implementation of consumer duty, 41 per cent of customers have not noticed any changes to their treatment.
Research by Moneyhub found just 22 per cent of respondents said they had already noticed improvements on how they were being treated, since the regulations were introduced.
When respondents were asked about improvements to customer outcomes, 13 per cent said firms had failed to deliver good quality support and after-sales care.
While 12 per cent said firms had failed to deliver communications that help them to make effective financial decisions.
Additionally, 10 per cent felt firms failed to offer suitable products and services that meet their needs.
Despite this, 42 per cent said they believed the duty would have a positive impact on the quality and range of products and services available with this rising to 53 per cent amongst younger respondents.
Dan Scholey, chief operating officer at Moneyhub, said: “Consumer duty really should be a win for both businesses who want to work more efficiently and effectively as well as consumers who need more tailored solutions at affordable prices. The early feedback from firms that have embraced it is overwhelmingly positive.
"However with significant fines now being imposed by the FCA we have both the stick and the carrot in place to see better outcomes delivered.”
He also explained how firms should always start with the data because it was vital for firms to detail their data gaps and develop plans to enhance the date or their approach to monitoring.
“Embracing the use of third-party open data solutions is the best way for firms to meet consumer duty requirements while seeing a tangible impact on their customers’ day-to-day finances, and satisfaction levels,” Scholey added.
The research also revealed 40 per cent of respondents think the duty will have a big impact on customer servicing and 36 per cent think it will drive banks to become more customer-centric like building societies.
On Wednesday, Abby Thomas, chief executive of the Financial Ombudsman Service said poor administration and customer service continue to be the biggest areas of complaint following the introduction of the consumer duty.
alina.khan@ft.com
