Today’s society and regulators require financial institutions to take more social responsibility. This translates into a myriad of regulatory requirements and industry standards that pose a compliance challenge, but also an opportunity for businesses to assess their long-term duty of care and financial health strategy and commitments.
Since the introduction of Duty of Care legislation, its meaning and implications have remained elusive. Duty of Care requirements are often based on open norms which are constantly evolving in response to regulatory and societal demands. Consequently, it is increasingly considered insufficient to only comply with the minimal regulatory standards as financial institutions are expected to truly put the best interest of their customers, and by extension their financial health, at the core of their business.
Both the society and regulators expect you to formulate forward-looking views on Duty of Care & Financial Health, provide meaning to those views, and create a plan to integrate them in your business.
At Deloitte, we understand that Duty of Care and Financial Health issues rarely require a quick fix or a one-size-fits-all approach. Our support therefore is always tailored to your specific situation and challenge and covers a breadth of Financial Health and Duty of Care topics.
Some examples of our support include:
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