Consumer Duty and the protection market
I'm writing a cover story for The Intermediary (example of previous piece here) about the impact the FCA's new Consumer Duty rules could have on the protection market.
I'm interested in views from intermediaries and protection specialists on key questions such as:
- What does a good consumer outcome look like for protection firms?
- How will compliance potentially shape and change this sector as a whole?
- Many firms would argue they already focus on good consumer outcomes, but even then, the duty brings with it lots of additional reporting and data-gathering responsibilities. Will there be increased focus on tech in order to manage this?
- Will it fuel change in terms of product types, prices, customer communications?
- How might Consumer Duty change the public perception of the protection industry?
It's a big topic so please give me a few brief thoughts here and I'll give you a ring to follow up if I need more detail. Thanks! Hannah