In a recent feature in IFA Magazine, Joe Norburn, CEO at TCC Group(TCC, Recordsure and Momenta), highlights how the FCA’s Consumer Duty is moving beyond initial implementation and becoming embedded within business-as-usual operations. As regulatory expectations mature, firms are now required to demonstrate how they are continuously delivering, monitoring and improving customer outcomes in practice.
The challenge is increasingly operational, with firms needing the right capability, resource and processes in place to respond to emerging risks and adapt customer journeys over time. This includes ensuring that oversight, intervention and continuous improvement are built into everyday activity, so that the Consumer Duty is consistently delivered at scale and can be evidenced through real operational outcomes.
Norburn said: “The next phase of the Consumer Duty isn’t about what firms say they’re doing but about what they can evidence. Boards are being asked to move beyond process and into judgement, where demonstrating good outcomes is far more complex than simply reporting activity.”
