30th July 2024

You gov: How has the financial services industry responded to Consumer Duty

During extensive consultation with clients over the last couple of years connected to consumer duty, it became clear that a firm’s assessment of how well they were doing when it came to consumer duty was principally driven by an internal assessment of what they were doing and how this aligned to the core principles of consumer duty. This led to a mixed response from clients with some believing that they were already doing everything that they needed to be doing and others feeling more worried about the new standards that had been set. It is against this context that we concluded that there was a lack of consumer feedback in terms of how well firms were doing when it came to consumer duty and that this gap was something that YouGov was very well positioned to fill.

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