Regulatory compliance & Consumer Duty: Strategies for financial firms

The UK Consumer Duty regulations mark a significant milestone in consumer protection. They’ve fundamentally transformed how businesses interact with their customers, by ensuring that firms consistently act in the best interests of consumers, and fostering a market where fairness, transparency, and accountability are paramount.

According to the FCA, 95% of financial firms acknowledge the significance of these changes in enhancing customer service and outcomes (Mishcon de Reya LLP). However, this and ever-increasing requirements are adding to the regulatory burden faced by the sector, particularly in insurance.

With full compliance for Consumer Duty required since July 2024, this whitepaper provides an essential guide for insurance brokers to understand and meet the regulatory requirements.

Topics covered:
• Why BIBA are asking for breathing space in the insurance market.
• So why the need for new regulation?
• Key components of the Consumer Duty regulations.
• Impact on the insurance industry.
• Challenges and criticisms.
• Future outlook.