Customers unaffected by Consumer Duty

41% not noticing change

Cameron Roberts
clock • 1 min read

Research from tech platform, Moneyhub, indicates that Consumer Duty has had a limited impact on customers, with 41% noticing no change to their treatment since July 2023.

The research, which polled 2,000 UK customers, also showed that 22% had seen improvements, with 42% saying they believed Consumer Duty would have a positive impact on products and services. The positive notes were that customers were hopeful that Consumer Duty would impact them in the future, 40% think it will have a big impact on customer servicing; and 36% think it will drive banks to become more customer-centric institutions. Customer outcomes need to be improved according to the research. Of those questioned, 13% said firms did not deliver good quality care; 12% said firms had not...

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

Record Q1 for IPT

Record Q1 for IPT

£2.1 billion collected

Cameron Roberts
clock 19 July 2024 • 2 min read
The King's speech: focus on health

The King's speech: focus on health

Waiting times and Mental Health Act priorities

Cameron Roberts
clock 17 July 2024 • 2 min read
Advisers impacted by Consumer Duty

Advisers impacted by Consumer Duty

Royal London survey

Cameron Roberts
clock 15 July 2024 • 1 min read