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It has been described as a ‘shake-up’, a ‘significant change’, and a ‘paradigm shift’, but Consumer Duty (or a form of it) has been emerging since the 1970s. Starting out as tentative protective frameworks, consumer-focused financial services have evolved into something far more broad and proactive, emphasising transparency, competition, and fairness.
This week, we take a look at the events over the last 50 years that ultimately led to Consumer Duty.
Are we nearly there yet?
Having tried often (and just as often fallen short) of putting the customer first in financial services, does Consumer Duty finally signal its arrival?
There’s a lot in here to make us hopeful.
The drive to educate and support people to achieve their financial goals is the foundation of Eligible’s mission. We’re supporting financial institutions with across the UK with our unrivalled compliance tools and expertise. The values behind Consumer Duty are the ones that our platform is built on. Get in touch to find out how we can help you positively impact the every day lives of your customers.
