Andy Curran, CEO of Standard Life, part of Phoenix Group comments on the introduction of Consumer Duty today.
He said: “The advent of Consumer Duty marks a true step change and of all the financial regulations that have come into force over the years, few have had the same potential to transform how the industry engages with customers.
“It’s an opportunity for us to up our game and we’ve worked hard to do so from the hundreds of people that have ensured that our current suite of products are compliant with achieving good customer outcomes to thorough assessments to help us understand how we can raise the bar further to improve our service.
“Consumer Duty coincides with us investing heavily in our service proposition and products and the support we provide to the customers, clients and the adviser community. It forms an integral part of our focus on providing customers with choice and greater certainty of outcomes.”