What changes are coming down the line that reflect Consumer Duty?
Over the course of the next twelve months, it is likely we will see changes to the rules which govern the delivery of advice in a simpler form, both as part of an initial service and ongoing service. These changes will be rooted in Consumer Duty concepts.
One notable proposed change is the relaxation of the annual suitability review requirement. Whilst there is no doubt that this change is likely to be positive, from the perspective of access to advice and service innovation, it comes with a Consumer Duty backdrop.
Key questions for firms looking to utilise this flexibility will include, considering the target market for different levels of service, explaining clearly the content, cost and,- where relevant-, the frequency of any service, and considering how any new service level will continues to provide fair value.
Since inception of Consumer Duty, where have you seen the most positive impact on client outcomes?
One area of positive change has been that firms are now more willing to embrace client and staff feedback. Prior to Consumer Duty there was always a reluctance to obtain feedback from clients for fear of it leading to a complaint. However, Consumer Duty has gone some way to dispelling this myth with many firms actively looking to obtain feedback around the service provided and improvements made. Whilst it will always be important to proactively address any concerns raised, more often than not, this will provide extremely valuable content when it comes to evidencing ongoing monitoring of outcomes.
As another Consumer Duty anniversary ticks by, we certainly hope that this overview can give you reassurance, and also insight into areas of focus, as you seek to achieve the golden thread, namely striving for- and evidencing!- continuous improvement.
Want to know more?
To hear more from Sandy and our Compliance and Regulatory experts, make sure to book on to the next Compliance Clinic here.
August 2026 | 9