Industry commentators have said that the consumer duty is a huge opportunity to ensure firms are empowered to think beyond simple compliance with a rule book and take a holistic approach to ensuring customers receive good outcomes.

The regulation is so significant, that even the FCA has said it will lead to a “major shift” in financial services.

Under the duty, all groups involved in bringing investment choices to advised consumers have a responsibility to act so these retail investors receive good outcomes, hence they all have their own obligations.

Data will be crucial in evidencing compliance with the duty and achieving good consumer outcomes, meanwhile the way in which firms communicate with customers will be expanded much wider under the duty.

This guide is worth 60 minutes of CPD.