Chris Lees, Senior Research Officer, Money and Mental Health
Happy anniversary? A year of the Consumer Duty
30 July 2024
In July 2023, the Financial Conduct Authority — which regulates financial services — introduced the Consumer Duty, which set rules requiring financial service providers to deliver good outcomes for retail customers
To mark the anniversary of the Consumer Duty, we asked our Research Community members about their experiences with financial services over the past year, to gauge the Duty’s impact on people with money and mental health problems.
Our key findings show that while Research Community members are generally satisfied with their provider, there are still examples of poor practice from financial services.
While key objectives of the Consumer Duty are being met for some, firms still have some way to go before the aim of good outcomes for all customers is achieved.
We’re calling for financial service providers to:
- Improve their understanding of mental health problems and support for customers experiencing money and mental health problems.
- Make channels for customers to interact with financial services providers and products more accessible
- Make communications and information for customers clearer and more supportive.