The watchdog will be actively engaging with companies and taking steps to enforce compliance, and there is a risk of adverse publicity for those businesses that are found to be non-compliant. 

However, while the expectations of the duty are demanding, there is also a clear silver lining for companies. By taking steps to demonstrate effective compliance and pro-actively working to deliver better outcomes for consumers, the benefits to consumers will soon become apparent.

By delivering increased customer satisfaction and increasingly positive outcomes, this will help the better companies to stand out from the crowd and provide a greater opportunity for winning new work and building long-term relationships. 

Daniel Seely is a financial services lawyer at national law firm Freeths