Deep Dive: Consumer Duty is 'forcing' DFMs and asset managers to justify value and costs

Passives still prevail

The Consumer Duty's implementation has meant all players in the distribution supply chain have had to review and adapt most of their processes to become compliant, with a focus on demonstrating the ability to deliver value to end clients.

This has translated into significant work being undertaken by all financial services providers to ensure consumers were at the very heart of the improvements, with changes spanning from marketing materials to product testing and data collection. Jessica Franks, head of investment products at Octopus Investments, said Consumer Duty provided a "good opportunity" to reflect on the information clients and financial advisers needed, including assessing the way they preferred that information to be administered and whether the company's internal product governance met client expectations and n...