Overall, the challenges associated with the consumer duty have been well-documented, but the opportunities presented by this regulatory overhaul less so.

But with the first annual board reports due to be filed shortly, we hope that companies begin to recognise how they, as a business, have and will continue to benefit from the cultural and conduct changes that the consumer duty is encouraging them to make.

Linda Gibson is head of regulatory change, Emea, at BNY Pershing