What are the ‘harms’ encompassed within Consumer Duty?
Consumer Duty frequently mentions harms – but what are these? How do you go about assessing harms for your products and services? Some harmful outcomes are not trivial – and quite a lot of other circumstances can lead into those harms. Andrew Gething explains to Tony Crane how to look at harms in the context of a product and assess how large the harm is – or potentially could be. Andrew shares his firm’s experience of undertaking risk assessments to quantify risks – and how this can be applied to financial products and services.
