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Three years on from Consumer Duty

Journalist: Sonia Rach

ended 12. June 2026

Hi advisers

I have new data analysis that revealed consumer sentiment towards the financial services industry has increased following the introduction of consumer duty. 

In the 12 months before consumer duty, the average overall customer rating across financial services firms stood at 4.61 out of 5, with an net promoter score (NPS) of 76.3. Customer service scored 4.63 and value for money 4.58. 

Customer understanding of product details was recorded at 98.3 per cent and 92 per cent of reviewers said they felt they had been treated fairly.

However, in the first 12 months after consumer duty came into force, overall ratings fell to 4.10, NPS dropped to 47.8, understanding of product details declined to 93.2 per cent, and the proportion of customers who felt fairly treated fell to 79.4 per cent.

Yet the latest 12-month data paints a much more positive picture. 

Overall ratings have risen to 4.67, NPS has recovered to 78, customer service scores remain strong at 4.59, and perceptions of fair treatment have climbed back to 91.5 per cent. 

I wondered what your views have been 3 years on, what have you seen? Any changes?

Thanks

Sonia

2 responses from the Newspage community

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Editor
Nouran Moustafa
Practice Principal & IFA at Roxton Wealth
Three years on, I think Consumer Duty has moved from a compliance exercise to a trust test. The early drop in sentiment does not surprise me. When firms were forced to look harder at value, communication and outcomes, it probably exposed where the customer journey was not as strong as firms thought.

What we are seeing now is the better side of it. Clients are more aware, firms are documenting more, and advisers are having deeper conversations around understanding, vulnerability, affordability and long-term suitability.

But Consumer Duty only works if it changes behaviour, not just files. A beautifully documented process means nothing if the client still leaves confused.

The firms doing well are the ones treating Consumer Duty as a design principle: clearer language, better follow-up, more personalised support and fewer assumptions about what clients understand.

The real win is not higher ratings. It is clients feeling they were properly heard before they were sold to.
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Editor
Harry Goodliffe
Director at HTG Mortgages
The real test of Consumer Duty was never what happened in year one; it was whether businesses changed their culture. From what we have seen, the strongest businesses have moved beyond treating it as a compliance exercise and started asking better questions about customer outcomes. That's not just good for consumers, it's good for trust, and building client relationships.