The Consumer Duty is the cornerstone of the FCA’s three-year strategy and a key part of its work to set and test higher standards. It’s a proactive response to the challenges faced by consumers and will ensure that financial institutions adopt a more consumer-centric approach to credit. For many financial institutions, it requires a complete mindset shift – they need to be seen as looking after their customers, not behaviour like unscrupulous lenders.

It’s also crucial they realise the implementation date was just the very start of a much longer journey towards the true prioritisation of better consumer outcomes. In this Finance Digest article, Mark Collingwood, Managing Director of UK, Ireland and the Nordics at Provenir, shares four key areas responsible lenders should be carefully considering.