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Consumer Duty has four outcomes. However, one could believe there is only one judging by all the column inches devoted to price and value in the run up to the July deadline.
A Phoenix Group client has claimed the insurer’s customer service team told them they have never heard of the Consumer Duty when he complained about service levels and demanded good customer outcome under the new duty.
What might have worked under TCF will not cut it with Consumer Duty and advisers must be cognisant of this, writesMichelle Andrews