The new consumer protection rules, which come into effect from 31^st July this year, set higher expectations for the standard of care that consumer-facing financial services firms give customers.

The Consumer Duty will require businesses to prove that their products and services meet customer needs, offer fair value and provide communications and support in an understandable way.

Michael Worledge, head of financial services research at Harris Interactive and Toluna, said: “The looming deadline is a significant challenge for providers, but the specifics of what needs to be addressed by that date are the more stringent challenge.”

The Consumer Duty Consortium will take “a syndicated insights approach to addressing the Consumer Understanding outcome through robust consumer testing”, added Worledge, and offer industry benchmarking.

Charlotte May, group head of customer research, Legal & General, said: “It’s a shared challenge, with a short timeframe; it makes sense to collaborate. The Consortium has leveraged collective experience to deliver at pace, a best-practice, high-volume approach, at a feasible cost.”