Deep Dive: Consumer Duty is already improving standards but challenges remain

Data and competitiveness will be key

After ten months since the Consumer Duty came into force, the regulation has already started changing the way the asset management industry relates to and considers consumers.

Several firms have either changed or completely overhauled some of their processes, whether in relation to marketing materials and documents, fees or reporting. One of the most high profile examples was St James's Place, which last year revealed a complete U-turn on its long-contested exit fees and set out plans for their removal for new clients starting from 2025. The wealth management giant also set aside £426m in March 2024 to refund clients who were charged for ongoing advice but never received it. Deep Dive: Tight credit spreads on US corporates heightens domestic volatility risk...