The Consumer Duty and information exchange: how to rise to the challenge

The Consumer Duty contains extensive monitoring and testing obligations. But it doesn’t stop there. It breaks new ground by obliging firms in a distribution chain to exchange information with one another including about their products, value assessments, product reviews including sales and distribution arrangements, and remedial steps.

Whilst PROD imposed similar obligations on firms conducting MiFID business, this is the first time that this type of obligation has been extended across the entire industry, and with such a degree of granularity.

It’s easy to feel overwhelmed by this initially. But many in the industry are now hard at work on how to rise to the challenge in a way that is sensible, pragmatic and achievable.

One such firm is AssetQ – so we brought Richard Green from AssetQ in as a special guest for our latest episode in our Consumer Duty podcast series.

We step through the key data and monitoring obligations, examples of data points to consider covering, some thoughts on monitoring and assurance, and ways realistically to exchange information with others in your distribution chains.

You can listen here.

And for all our insights and other podcast episodes, visit our Consumer Duty webpage.