Our approach to the Duty

Working with consultants we’ve completed a gap analysis, identifying areas of focus and a review structure for our program. We’re applying a group-wide thematic approach aligned to the six key review areas:

  • Considering fair value across all products and services
  • Testing of customer understanding of key communications
  • Tailoring of customer communications
  • Group communications framework
  • Demonstrating customer support and service levels meet the needs of customers
  • Defining (reasonable) foreseeable harm

Our progress to date:

We are working hard to make sure our products and services meet the required standards of the new regulatory framework as they come into force. To date we’ve:

  • Embedded new customer standards and clear definitions of what good customer outcomes mean at Phoenix  
  • Completed reviews and fair value assessments of products, communications, and customer journeys to identify and address areas of foreseeable harm and fair value ahead of regulatory deadlines 
  • Implemented new or improved policies, processes and frameworks across the business focused on delivering customer understanding and supporting good outcomes  
  • Enhanced our governance, oversight, monitoring, reporting and evidence for customer outcomes to meet requirements of Consumer duty
  • Delivered regular group-wide communications and training to embed consumer duty into everything we do

Closed product rules in force from 31 July 2024

  • For closed products, fair value assessments are progressing and are on track for 31 July 2024 when the rules take effect. Read our Fair value approach: Closed products to find out more. 

 

Hear more from our experts

  • Jenny Holt's update on Consumer Duty

    Customer Strategy & Experience Director, Jenny Holt talks about how Standard Life and the Phoenix Group has built on our existing foundations to support good outcomes for customers.

    Watch Jenny Holt's update
  • Watch Andy Curran's video update on Consumer Duty

    Andy Curran's update on Consumer Duty

    Find out more about our approach to meeting the requirements of the Duty by watching Andy’s video.

    Watch Andy Curran's update

  • Shaping customer outcomes is core to our purpose

    Jenny Holt, our Customer Strategy & Experience Director, looks at our current approach to helping customers with the requirements of the Consumer Duty. 

    Read our Consumer Duty blog
  • Watch Craig Hamilton's video update on how we're approaching Consumer Duty

    Craig Hamilton's update on Consumer Duty

    Find out more about our approach to Consumer Duty and next steps, from Craig Hamilton, Group Conduct & Compliance Director.

    Watch Craig Hamilton's update

More resources and support

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