Teresa Connors from Payment Matters joins us for our latest Payments:Unpacked video.

In this episode Teresa unpacks the topic of Consumer Duty.

Helpfully, Teresa provides this introduction:

We’re at an inflexion point, as firms are becoming aware / coming out of denial / realising it’s not just a compliance thing and tackling the enormity of the task to embed and prove embedment of the FCA Consumer Duty.   The FCA suggests that at this stage, firms should be 80% through implementation, while some firms are making tangible progress, many firms are not as advanced as they would like to be in readiness for the on sale product deadline of 31 July this year.  

Crucially, discussion and activity are turning from “why” to “how” as firms create and implement plans to prove that customers are at the heart of their business, demonstrating that they meet the Consumer Duty cross cutting principles of:

•               Acting in good faith 

•               Avoiding foreseeable harm

•               Enabling and supporting retail customers to pursue their financial objectives.

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