The Compliance Doctor

Consumer Duty and Financial Crime Compliance

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Consumer Duty Implementation and Oversight#


A. Ongoing Advice Standards:

Firms must ensure ongoing advice is valuable by:

  • Clearly defining services and fees.
  • Demonstrating client-specific value, particularly for new clients.
  • Providing timely, proactive advice.
  • Maintaining transparent documentation.


    • B. Customer Outcome Monitoring:

    Effective monitoring is crucial for compliance. Firms should:

    • Assess real-world impacts across diverse customer groups.
    • Use data analysis and set clear outcome thresholds.


      • C. Board Responsibility:

      Board reports should analyse outcomes for different customer groups and ensure a culture focused on positive outcomes.


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