In this third episode of a dedicated series on the Consumer Duty, the FCA's Manager of Consumer Policy, Richard Wilson, talks with Ozge Ibrahim about the consumer understanding outcome (one of the 4 outcome rules in the Consumer Duty), to explain why it's necessary, our expectations on tailoring and testing of firm communications, and how this applies proportionally. He also outlines what firms should be doing to monitor and evidence understanding and ensure they are ready for implementation of the Duty in July 2023.