The Consumer Duty principle “a firm must act to deliver good outcomes for consumers” is being embedded into our product management lifecycle, to enable us:  

• Act in good faith toward retail customers.  
• Avoid foreseeable harm to retail customers.  
• Enable and support retail customers to pursue their financial objectives.    
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Fair Value Assessments and product reviews will be updated to ensure that we’ve taken into account the good customer outcomes we’ve identified as critical. As with the FCA regulations stated in PROD4, Consumer Duty will be at the forefront of our design, testing, approval, distribution and monitoring.    

Alongside the Board oversight, we will be tracking Consumer Duty within our management review meetings. We will regularly review performance against the identified good customer outcomes using the management information we’ve identified as relevant for each area. Training will also be provided to all our employees to ensure they are knowledgeable and informed.