Shifting the Consumer Duty mindset - when will it happen for you?
July 2023 is looming large across Financial Services.
There are no guarantees, but while the bar remains high (a ‘step change’ is still expected), the tone of the FCA’s latest Consumer Duty update suggests that it may be pragmatic about timings.
My optimistic hunch is that as July passes the panic will wane, creating space for different and more aspirational conversations.
Among firms that have embraced the spirit of the duty, the moment will arrive when changes made to reduce regulatory risk actually turn out to have improved commercial KPIs such as customer satisfaction, acquisition/retention, and/or reduced demand on customer service teams.
It will be clearer that what’s best for the customer is best for business too and that regulatory obligations and commercial objectives aren’t inescapably at odds. More people will see the Consumer Duty as an opportunity – as something to embed rather than a set of things to fix before a deadline.
My prediction is that appetite will increase for the user-centred practice that delivers precisely these kinds of improvements. And we’ll start to see the ‘mindset shift’ that the FCA wants to deliver.
At cxpartners, we're helping businesses to both plant and grow seeds for this change now.
- Take some simple steps towards a Consumer Duty culture
- Drop us a line to discuss how we could do the same for you