Holly Mackay: Where do asset managers sit on the consumer duty map?

Wholesale mind shift needs to happen

Holly Mackay, CEO and founder of Boring Money, explains why consumer duty is the biggest struggle for asset managers and how the new regime provides the opportunity to reset firms' thinking about getting closer to their customers.

Earlier this week, the Financial Conduct Authority fired a warning shot about larger firms' readiness for consumer duty, reporting that some were behind in their planning. The regulator has urged firms to ensure they are making the changes needed so consumers receive communications they can understand, products and services that meet their needs and offer fair value, and they get the customer support they need. FCA issues warning over readiness for Consumer Duty If we look across the value chain, consumer duty was always going to be the biggest struggle for asset managers because i...