'Where can firms provide better service in a consumer duty world?'

Many firms now charge for these separately, delivering significant value and creating a profitable new service line rather than bundled into the annual fee.

I have no easy answers. But with the regulator looking at this area, and signalling that the results will be viewed as an indicator of how consumer duty is being implemented, there are surely rewards to be had for firms that come up with solutions. 

Ben Goss is chief executive of Dynamic Planner