09 Oct 2023 | Posted In Money advice news

The Fairbanking Foundation welcomes the FCA’s new Consumer Duty. However, new research it has commissioned with University College London (UCL) and Warwick Business School supported by FIS Global, raises questions about whether financial services firms really understand and are listening to what consumers want, and whether they have the cultural bandwidth to make the Duty make a real difference.

The report, ‘Duty calls – but is industry picking up?’, looks at how firms are approaching implementation, what is influencing their behaviour, how far consumer views are being taken into account and what the barriers are to implementation. Fairbanking Foundation asked a representative sample of consumers for their views on the kind of action firms should be taking when there are negative outcomes, to test how useful such data might be to guide firms’ approaches.

Read the findings, conclusions and recommendations here.