Consumer Duty is Changing How We Protect Clients Forever

Consumer Duty regulations are reshaping protection advice by shifting the industry from box-ticking compliance to a genuine focus on client outcomes. This shift enables advisers to deliver more meaningful, goal-oriented conversations about financial security.

Keith Richards from the Consumer Duty Alliance joins us to discuss how things are shaping up 2 years on, before we get an adviser's view from Jiten Varsani from FortyOne Money

Key learnings from this episode:

• Consumer Duty represents a transformation from prescriptive, rules-based regulation to outcomes-focused approaches
• Keith Richards explains how the Consumer Duty Alliance provides free self-assessment tools and resources for advisors
• Vulnerability considerations have expanded beyond permanent conditions to include temporary circumstances requiring additional support
• Claims handling is improving with streamlined processes, digital signatures, and dedicated support contacts
• Cross-referrals between protection specialists and wealth advisors are increasing to provide holistic financial planning
• Documentation now focuses on evidencing client outcomes rather than just product recommendations
• Consumer Duty encourages advisers to break complex advice into manageable, client-friendly segments
• The Protection Alliance is being developed to support protection specialists specifically

To claim your unstructured CPD and learn more about Consumer Duty, visit consumerduty.org for free tools and guidance. Register now for Income Protection Action Week 2025, running 22nd September, at iptf.co.uk.

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Produced and edited by SEA Studios