What factors do you consider to make sure you are acting in good faith across the Consumer Duty outcomes?
For us, acting in good faith is a standard of conduct characterised by honesty, fairness and openness when dealing with retail customers and acting in a way that is consistent with the reasonable expectations of retail customers.
To demonstrate that we are acting in good faith, we will, for example:
- Take account of retail customers’ interests, for example in the way we design a product or present information
- Take account of customers’ emotions or behavioural biases to avoid misleading a customer or to create demand for a product
- Understand any characteristics of vulnerability to ensure no detriment is caused to the customer
- Avoid carrying out the same activity to a higher standard or more quickly when it benefits us than when it benefits the retail customer, without objective justification