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Summary
In this podcast, Peter Wordsworth, the director of consumer duty services, discusses the current challenges in the debt advice sector and the impact of the Consumer Duty regulation. He highlights the increasing demand for digital debt advice and the importance of technology in meeting customer expectations. Wordsworth also talks about the cultural change required to shift focus from process-oriented outcomes to data-driven outcomes. He emphasizes the need for organizations to demonstrate objectively through data how they are delivering good consumer outcomes and using that data to improve future outcomes. He also mentions the influx of innovative tech solutions in the market, but acknowledges the challenge of choosing the right ones due to budget and resource constraints.
Key Points
The debt advice sector is facing challenges in terms of funding and meeting the demand for advice.
Digital debt advice is becoming increasingly important, a...
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