Consumer Duty welcomed as 'game changing' opportunity

New guidelines now in effect for open products

John Brazier
clock • 3 min read

Protection industry participants have welcomed the introduction of the Consumer Duty, but warned that compliance will not be a “one and done” exercise and consumer vulnerability needs to be consistent focus.

Ushering in the introduction of the new guidelines as of today (31 July) for open products, The Exeter's chief risk officer, Socrates Mhlanga, said the protection space is "well positioned to take the necessary steps" to achieve better consumer outcomes. "In recent years, protection and health insurers have made significant progress in expanding their products and services to meet a wider range of needs," he commented. Additionally, collective efforts have been made to identify customer vulnerability and improve access to insurance. These positive steps provide us with a solid foundat...

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