Summary
What this article covers in 30 seconds
- The next phase of Consumer Duty marks a shift from implementation to evidence.
- The FCA expects firms to demonstrate outcomes through data, monitoring and measurable improvements.
- Firms should strengthen fair value testing, customer journeys and vulnerability support.
Recently featured in Money Marketing, Joe Norburn TCC Group’s CEO (TCC, Momenta and Recordsure), outlines how the next phase of Consumer Duty marks a shift from implementation to evidence. The Financial Conduct Authority (FCA) is signalling a move away from additional prescriptive rules, instead expecting firms to demonstrate —through data, monitoring and measurable improvements — how they are delivering good customer outcomes in practice.
Firm’s focus should now be on continuous improvement: testing fair value, refining customer journeys, strengthening vulnerability support and ensuring insights lead to tangible change. Firms that embed Consumer Duty as a strategic driver, rather than a compliance exercise, will be better positioned to meet regulatory scrutiny, build trust and deliver sustainable, client-centred growth.
Frequently asked questions
A shift from implementation to evidence: firms are expected to demonstrate good customer outcomes in practice.
They should focus on continuous improvement, fair value testing, customer journeys, vulnerability support and turning insights into tangible change.