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 Events01:46 Discussing the FCA enforcement watch 2 update06:12 Teardown of Bank Switching Process09:06 The methodology for the research11:18 Exploring the findings16:19 Loud offers with quiet conditions24:16 Looking out for financial distress26:36 Switching in versus switching out29:17 Dealing with vulnerability32:30 The Language of Finance37:31 Standardising financial product comparison41:13 Wrapping up the findings42:50 Jargon Busters: Hedging