Meanwhile, Kat Patton, head of proposition and market research at Hargreaves Lansdown, who was also on the panel, said her firm began with a good basis going into the duty as it had a strong foundation from the research it had done with clients around what outcomes were.
“The old adage that it's an evolution not a revolution was true but there was an awful lot of work across business with people put through their paces in a way that they probably hadn't been before.
“We had to reassess all our client journeys, journey mapping across the piece, 1,000s and 1,000s of pages of product review, so it was an incredibly heavy lift by teams and weekly and fortnightly calls with people that you generally wouldn't see in your day to day life all just coming together behind this is massive piece of work.”
Elsewhere she explained that some of the challenges with the duty were around data flow.
“Once we defined comfortable what we thought outcomes were, but then how you turned the data that you've got and seeing what clients are actually doing, how you said analysis of measuring and proving and evidence to make informed decisions.
“Probably something that we've made progress but it is still so baffling.”
sonia.rach@ft.com
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