As the financial services industry continues to adapt in the wake of the FCA’s Consumer Duty, the conversation has shifted from implementation to impact. Here, Toni Hatton, Head of Compliance at The Exeter, shares her perspective on the tangible improvements the Duty has driven.
“The Consumer Duty was never about adding red tape for the sake of it. It was introduced to ensure customers get the outcomes they deserve. Since then, we’ve seen genuine improvements across the industry. More providers are offering detailed CPD training on vulnerability, and firms are making better use of customer data to log conversations, flag risks, and follow up more proactively. There’s a much clearer commitment to identifying vulnerable customers and measuring fair value.
The Chancellor’s decision to review the Duty has raised questions about its future. And while it’s right to reflect on how regulation is working in practice, we should be careful not to lose what’s been gained. Weakening or scrapping the Duty now would risk undoing meaningful progress – not just for customers, but for the trust that’s been rebuilt between providers, advisers and the people they serve.
There’s always room to improve how regulation is applied. In this push for growth, the answer isn’t always rolling back standards, but building and improving on what’s already working.”
