Heavy lifting upfront
The phased Duty deadline is on track and the FCA is keen to encourage openness and embrace a pragmatic approach as things develop. The hard work firms are committing to now should mean fewer reactive rules form the FCA in the future.
Industry innovation
Nikhil continued that “the Consumer Duty can help shape a framework for use of Artificial Intelligence (AI) and other new technologies”.
But how can AI help shape your Duty strategy? By embracing RegTech solutions to monitor and evidence consumer outcomes, firms can switch to a more efficient, more sustainable way of working. Spotting the signs of vulnerability and tailoring products to individual needs are all high on the Duty checklist. Couple this with receiving and reviewing accurate customer feedback and data, it’s clear to see how AI will be an integral cog in the Duty machine.
