Please enable your browser JavaScript to view the video
Transcript
Transcript not available
Transcript
Consumer Duty: the principle
Hi. I’m Alistair McQueen at Aviva.
In this short video I will look at the Consumer Duty principle. To quote: “A firm must act to deliver good outcomes for retail customers.”
The Consumer Duty Principle frames everything that the Consumer Duty aims to achieve. It is aspirational, but few could argue against it.
But it is important to note that the Principle is not seeking to “guarantee” good outcomes for all retail customers. The FCA are rightly challenging manufacturers and distributors to step up. But they are not absolving all customers of all responsibility.
Individual customers continue to carry an individual responsibility. It is accepted that they may still make poor decisions, and these may still drive poor outcomes. But our actions must not contribute to these poor decisions and potentially poor outcomes.