FCA ‘still learning’ about Consumer Duty, claims GI boss Brewis
No single metric will decide whether the Consumer Duty has been a success. But if people are no longer talking about it, that will be a positive sign.
Those were among the conclusions of a panel discussion on the Consumer Duty at The Association of British Insurers conference yesterday chaired by Charlotte Clark, its director of regulation.
On 31 July 2023 the Consumer Duty came into force for new and existing products and services that are open for sale or renewal.
A poll on where the audience thought their firm is on the journey of embedding Consumer Duty found 11% claimed it was fully embedded and there had been a change of culture.
Some 63%
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