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Brokers have been caught up in the slipstream of a shift in sentiment prompted by financial scandals that have primarily not been caused by them. We also appear to see a change towards more direct human contact. After years of grappling with phone menus and online journeys littered with pop-ups and adverts, people want to be able to talk to another human being again.
Vulnerability is not new, although the use of that label has taken on a new significance in recent years. The FCA talking about Vulnerable Customers is not new either – launching their first consultation on the subject in 2019 and publishing their industry-wide regulatory guidance in February 2021.
The forthcoming Consumer Duty has received a lot of media coverage. Whilst much of this has been high-level, there is a key area in FG 22/5 that is yet to receive a spotlight in the wider press. However, it epitomises one of the key concepts behind the Consumer Duty – trust.