The new proposals set out a framework that means adviser firms, of all sizes, will need to measure whether they’re delivering good outcomes for customers across a number of areas. This includes the quality of communications, the appropriateness of the products that have been recommended, the quality of the service offered and whether support is provided to help customers make financial decisions about their future.

Underpinning this central principle are three rules to help firms understand the FCA's new expectations on how they should conduct themselves to achieve good outcomes for their clients. Firms must:

• Act in good faith towards retail customers
• Avoid foreseeable harm to retail customers
• Enable and support retail customers to pursue their financial objectives.

This greater focus on consumer outcomes means you and your firm will be required to actively assess and evidence how your actions and processes are working to deliver good outcomes for your clients.

With these changes, the FCA is acting to ensure all advisers understand their obligation to help to better protect the interests of consumers. And we might find the new rules should help to improve the reputation of the financial services industry in general for consumers, giving them more confidence in seeking and receiving financial advice.

Of course many adviser firms already work with the best outcomes of their clients in mind, particularly when discussing protection. However, the Consumer Duty should ensure your clients understand it's your regulatory duty to deliver good outcomes for the future and to protect against their biggest protection risks. And that it's important to consider their needs beyond basic protection, such as life cover to protect a mortgage, to help them build better financial resilience into their lives.