What we’ve changed for Consumer Duty
- We’ve developed six Customer Outcome statements to support delivery of good customer outcomes, supported by detailed customer standards that set out our expectations of how products and services should be designed and managed
- We’ve reviewed and updated our Product Governance framework with explicit examples of, and tests for, foreseeable harm
- Our Product Review processes have been updated to include explicit additions and tests for foreseeable harm
- Updated our Product Development Process (PDP) to ensure it includes explicit tests for and consideration of foreseeable harm
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Created a new working group to meet monthly to review MI (Management Information) and complaints data to monitor for new foreseeable harm scenarios and ensure relevant actions are taken
Product and Service FAQs
Explore other outcomes
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Outcome 2: Price and Value
Our Fair Value assessment considers the whole customer proposition, looking at product, investment, service, communications and support. Find out what we’ve done to make sure our products offer fair value to customers
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Outcome 3 and 4: Consumer Understanding and Consumer Support
Find out how we’ve worked hard to update our frameworks and policies for the Duty and applied them to customer journeys and processes. We’ve also looked closely at our customer service proposition, including those provided by third parties and what’s changing for consumer duty
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