Sheldon Mills, executive director of consumers and competition at the Financial Conduct Authority hopes for a positive outcome from the Consumer Duty some 12 months since it was implemented.

Referring specifically to its impact on the insurance market, Mills said: “Our intervention on GAP products - where we asked firms to look at their commission structure – will, we anticipate, see firms make changes to improve the value of GAP insurance which, based on assumptions about the expected changes, will save their customers around £70m.”

Commenting more generally, he added: “We introduced the Consumer Duty and its outcomes-based approach as we want to create an environment for healthy competition and innovation based on high standards. It is a core part of the FCA’s strategy and gives effect to the cross-party mandate we were given by Parliament through the Financial Services Act 2021. We see the Duty as good for consumers, good for firms, and good for growth in the economy.”