How can financial services firms ensure their employee training keeps pace with the evolving Consumer Duty regulations and effectively equips staff to deliver consistently good customer outcomes?
This article, published in T-C News, discusses the challenges financial services firms are facing in meeting the Consumer Duty’s higher standards for customer protection. It argues that many firms are not adequately training and supporting their employees, despite the increased emphasis on competence under the Duty.
Are outdated training methods and a lack of focus on developing in-role competence hindering firms’ ability to deliver good customer outcomes consistently? It is a particularly concerning topic, considering the current hybrid work environment, where employees lack the traditional peer-to-peer learning and oversight.
Are you confident your firm’s employee training and competence initiatives are sufficient to meet the Consumer Duty’s requirements?