One Year On: How FCA’s Consumer Duty is Shaping the Future of Financial Services!

Andre Neale, our Head of Risk & Compliance, shares insights on how Consumer Duty is shaping financial services one year on.

In the ever-changing world of financial services, many wonder: How is the FCA’s Consumer Duty affecting us? We tuned into the FCA Webinar to find out!

Key Takeaways:

• Cultural Shifts: The FCA’s Consumer Duty is driving better conduct and governance.
• Customer Focus: Firms are using new data to ensure fair value and clear communication.
• Savings: Changes in the GAP market could save customers £70 million.
• Incentives: Bonus structures now align with good customer outcomes.
• Higher Interest: Base rate hikes mean an extra £4 billion in annual interest for consumers.
• Digital Growth: 47% of consumers used digital wallets in 2022. The FCA is launching an AI sandbox to boost innovation.
• Better Complaints Handling: The Financial Ombudsman Service is resolving complaints faster and supporting vulnerable customers better.

Our Perspective: Embracing Consumer Duty is about more than compliance; it’s about delivering real value and positive experiences. Transparency and proactive communication build trust. We’re committed to continuously improving customer outcomes by understanding their needs and offering the right products and services.

Our Actions:

• Team Restructuring: Improved complaint handling and faster resolutions.
• Innovation: Embracing new technologies to enhance customer interactions.
• Customer-Centric Approach: Ensuring customers feel valued and understood.
• As the industry evolves, the FCA’s improvements will foster trust and confidence, leading to a more resilient and customer-focused financial sector.

At SPB, we’re dedicated to helping businesses thrive in an ever-evolving financial landscape. Our expertise and customer-centric approach, ensures that your business not only exceeds regulatory requirements but also delivers exceptional value to your customers.

By embracing innovation, transparency, and proactive communication, we help you build trust and achieve sustainable growth. Partner with SPB to navigate the complexities of Consumer Duty and unlock new opportunities for success.