Bank Switching: Consumer Duty Teardown #1

Consumer Duty is turning three, and the FCA's message is clear: the grace period is over. In this episode, Paul, Russ, and Pat break down the FCA's new Enforcement Watch 2 report, then dig into our first teardown: a hands-on review of the bank switching journey across three UK current account providers, run through our UX Duty tool. Loud offers, quiet conditions, missing debt advice signposting, and 205 findings later, here's what good, and bad, Consumer Duty compliance actually looks like in the wild. Chapters: 00:00 Introduction and Current Events 01:46 Discussing the FCA enforcement watch 2 update 06:12 Teardown of Bank Switching Process 09:06 The methodology for the research 11:18 Exploring the findings 16:19 Loud offers with quiet conditions 24:16 Looking out for financial distress 26:36 Switching in versus switching out 29:17 Dealing with vulnerability 32:30 The Language of Finance 37:31 Standardising financial product comparison 41:13 Wrapping up the findings 42:50 Jargon Busters: Hedging