By embracing the Consumer Duty, UK consumer lending firms can cultivate a reputation for fairness and transparency. This not only fosters trust with customers but also leads to a more sustainable business model.
Firms that prioritise positive Consumer Duty outcomes are likely to experience improved customer retention, reduced risk of complaints, and a positive brand image.
Remember, the FCA expects continuous improvement. Regularly review your lending practices, assess customer outcomes, and adapt your processes to ensure you're consistently delivering positive Consumer Duty outcomes for all borrowers.