Responding to the FCA’s consultation on a Consumer Duty, Jamie Jenkins, Director of Policy & External Affairs, Royal London, comments:
“Royal London has today responded to the FCA’s consultation on a new Consumer Duty. In essence, the proposals raise the bar from ‘treating customers fairly’ to ‘treating customers well.’ As a mutual, we are wholly supportive of this aim.
“While there are certainly points of detail to debate, it’s difficult to argue against a principle that is intuitively right. And one which could help root out any lingering bad practices and improve trust in the sector. In short, we should embrace the new Consumer Duty; think of it less as a challenge and more as an opportunity.
“In fact, we believe the Duty could be extended to include a commitment from providers to invest responsibly, something we explain in more detail in our recent policy paper Beyond Customer Outcomes. It’s increasingly clear that the industry has a role to play beyond just product outcomes for customers, thinking more broadly about how we can help improve their standard of living.”
About Royal London
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £148 billion, 8.8 million policies in force and 4,412 employees. Figures quoted are as at 31 December 2020.