Proof of value a key challenge for firms as industry shifts focus to consumer

Outlook for 2024

With Consumer Duty now fully unleashed upon the financial services sector, Investment Week asked several experts what the focus on ‘value for consumers' will bring in 2024, as companies attempt to provide a repeatable definition.

One of the key events for which 2023 will be remembered in the financial services industry was the introduction of Consumer Duty, a mammoth piece of legislation affecting every single player in the sector, refocusing the industry's efforts towards the end consumer. Issues such as vulnerability, consumer understanding, clarity of information and documents were all central to the Duty, with regulated firms required to abide by the regulation from 31 July 2023, except closed products, for which the compliance deadline is 31 July 2024. Several companies have already been forced to put thr...