Recommendation 178

There was some support expressed for the aims of the Consumer Duty. Phoenix Group told us that it was supportive of: “An outcomes-based approach that creates [an] environment for healthy competition and innovation based on high standards of consumer protection and financial sustainability” and that Consumer Duty is “one such example”. 272 StepChange Debt Charity suggested that the Duty “creates the basis for a common language between firms; setting expectations and commitments about good practice and good customer outcomes across the financial services sector.” 273