Insights ¦ The Road to Consumer Trust: Professional Standards in the Consumer Duty

Published by: Chartered Insurance Institute (CII)
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Key Take Aways

The FCA’s Consumer Duty necessitates a significant cultural and behavioural transformation within firms, elevating standards for customer care.

Organisational culture plays a crucial role in achieving better consumer outcomes, with a shift needed from compliance to genuine customer-centricity.

Conflicts of interest, incentives, and reward structures often undermine long-term consumer trust, favouring short-term financial gains.

Data, technology, and AI are vital tools but require robust governance, transparency, and ethical standards to prevent misuse and ensure fairness.

Boards and leadership must deepen their understanding of customer outcomes, vulnerability, and supply chain risks to foster trust.

Addressing vulnerability requires proactive, data-driven, top-down strategies aligned with FCA benchmarks to identify and support vulnerable consumers effectively.

Inclusivity and ...