Customer outcomes are a critical indicator of conduct and culture. The regulator now expects firms to prove that they are acting in their customers’ best interests. This means being proactive in seeking out the cause of poor outcomes and addressing them to avoid detriment and promote fair treatment. Further to regulatory expectations, treating customers fairly also helps to meet commercial goals; by increasing trust and advocacy and developing a sustainable brand for the future.
As well as scrutinising internal processes, through an independent customer lens such as Outcome Testing, firms should be considering external factors that can result in detriment.