Consumer Duty to accelerate 'data-driven innovation'

25 Jan 2023

The incoming Consumer Duty requirements from the Financial Conduct Authority (FCA) give firms an opportunity to take ownership of “data-driven innovation” which must be accelerated to ensure compliance with the rules, according to a Dunstan Thomas white paper. The paper, Consumer Duty: A recipe for change highlights the threats and opportunities the rules pose for pension product providers and adviser platforms.

The Consumer Duty imposes new outcomes-orientated demands on the pensions market which mean participants must provide better support to customers and ensuring they are in suitable investments for their life stage and current risk appetite, Dunstan Thomas explained.

Firms have six months from the end of July 2023 to ensure the duty is met for existing customers. The paper said Consumer Duty gave firms the opportunity to take ownership of available customer data to drive better outcomes.

Dunstan Thomas director of retirement strategy Adrian Boulding said: "The new duty regulation will give firms an opportunity to take ownership of data-driven innovation which must now be accelerated.

"The FCA will want to understand how firms are achieving good consumer outcomes by finding out if firms are using all the data available to them to ensure that better outcomes are being delivered to all their customers."

Read the full whitepaper here The Full Article

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