Navigating The UK Consumer Duty: Insights from Earnest Shackleton (with a twist)
As financial professionals, we constantly find ourselves adapting to new regulations and policies. In the ever-changing regulatory landscape, ‘The UK Consumer Duty’ (‘CD’) is now firmly upon us and it’s crucial to understand its implications. Today, I’d like to dive into the topic using quotes from one of history’s greatest navigators, Sir Earnest Shackleton, who exemplified perseverance, leadership, and adaptability in the face of extreme adversity, a metaphor if you will for the seemingly endless icebergs of tasks that CD has bestowed upon us, whilst we steer our proverbial ships through the desolate arctic waters of compliance with a feeling that it’s all just going to land us on a barren rock, without a ship, hundreds of miles from any safety…
“Difficulties are just things to overcome, after all”.
The UK Consumer Duty is undoubtedly going to present challenges. However, as Shackleton’s quote reminds us, difficulties are merely obstacles to be tackled. Let’s approach the regulation with an open and positive mindset, ready to find solutions.
“Optimism is true moral courage”.
Maintaining an optimistic outlook is key to navigating the Consumer Duty. By embracing Shackleton’s words, we can positively influence our teams and foster an atmosphere conducive to adapting and complying with the regulation. Remember, it takes true moral courage to look past hurdles and remain focused on progress.
“By endurance, we conquer”.
The Consumer Duty may require long-term adjustments and continuous efforts. Shackleton’s quote encapsulates our need for endurance. It’s important to persevere, evolve and take proactive steps to ensure our businesses remain compliant. Endurance ultimately leads to success.
Navigating The UK Consumer Duty may seem like unchartered territory, but with the right mindset and a dash of inspiration from Shackleton, we can confidently move forward to achieve good outcomes. It’s essential to remain open to new possibilities, see challenges as opportunities and approach the regulation as a means to improve our business practices. Let’s foster an environment of collaboration, where we can share insights and expertise, harnessing the winds of change to sail together into crystal clear waters.
What are your thoughts on how to navigate the UK Consumer Duty? How do you plan on tackling the challenges it represents? Share your perspectives and let’s kickstart a constructive conversation below!
I should probably also let you know that this post was (almost) entirely written using artificial intelligence, which poses another real question.
In a world where AI is ever increasingly used in the workplace of financial markets, as documented in McKinsey’s thought-provoking latest annual global survey report titled: The state of AI in 2023: Generative AI’s breakout year, and where The Consumer Duty is about fostering a culture of transparency and integrity, do we have an obligation or ‘duty’ to inform when and where we do? In the context of content creation where the purpose is to engage with an audience and provoke discussion, does it even matter? Not simple questions to answer but in the words of our old mate Earnest, ‘difficulties are just things to overcome, after all’.
Disclaimer
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