Craig Wilson, Managing Director of Private Sector at Sopra Steria has commented following the introduction of the new Consumer Duty regime today.
“Today’s introduction of the new Consumer Duty will require financial service organisations to act in the consumer’s interest. Put simply, this means organisations will have a responsibility to ensure the products and services they provide are operated and designed to benefit their customers – whether that’s providing more accessible support or ensuring consumers are properly informed about the services on offer.
“While many financial service organisations may already be compliant, operators should continue to review and adapt the services they provide to ensure they are continuing to meet the new requirements. Predicting how Consumer Duty will evolve in the coming months is difficult.
“However, we know the number of people experiencing financial difficulty will continue to rise, as will the number of customers needing support. Doing so will not only allow organisations to plan ahead, but also remain compliant when the regulations inevitably change to further support those in need.”
