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...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

AI blurring the line between regulated and unregulated financial advice: FCA

AI blurring the line between regulated and unregulated financial advice: FCA

Risks of consumer harm, cyber vulnerabilities and operational failures

Jack Roach
clock 19 October 2026 • 4 min read
Autumn Budget opportunity to slash IPT: Broadstone

Autumn Budget opportunity to slash IPT: Broadstone

NI incentives could encourage engagement

Cameron Roberts
clock 19 October 2026 • 2 min read
DWP to change definition of terminal illness

DWP to change definition of terminal illness

Move will bring benefit and pension tax rules at end of life into closer alignment

Jonathan Stapleton
clock 16 October 2026 • 2 min read