News bulletin – Louise Colley shares Zurich perspective on Consumer Duty
Right across the retail financial services industry, it seems we’ve been living and breathing the Consumer Duty since its announcement last summer. With the next deadline for the regulation now imminent, I’m confident that we are all geared up for it.
We’ve been busy with our own preparations and planning. This has included a dedicated project team who have reviewed our own processes and designed a whole new customer testing framework. As part of this work, we’ve carried out research among our own adviser insight panel to see how firms are feeling about it and what we can do to help.
Unsurprisingly, the feedback is positive. The vast majority of advisers (80%) are clear on what the guidelines will mean and similar numbers (88%) believe they will have an impact on their firms. More than half (53%) also reported making headway with adapting and over a quarter of firms (26%) have changes in the pipeline.
Read more here.