CONSUMER DUTY
The new consumer duty requirements are the most significant change in regulation since the Retail Distribution Review (RDR). We have been working with industry bodies to help shape them, reinforced by our expertise in vulnerability issues. This is a great opportunity to gain competitive advantage by focusing on great customer service in an efficient way.
Consumer Duty doesn't just affect advice firms: it runs across the full spectrum of regulated activities.
Consumer Duty is a culture shift for firms that permeates through every department of a business. It requires a much more pro-active approach than the Treating Customers Fairly principles that are already in place.
The new Principle 12 requires firms to act to deliver good outcomes for retail customers. In setting this Principle there is the inherent obligation for firms to demonstrate how they do so in 4 key areas:
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Products and Services
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Pricing and Value
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Customer Understanding
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Customer Support.
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We have been advising regulated firms over the last 20 years in each of these areas.
The fair treatment of vulnerable customers is a specific requirement that runs through the whole of Consumer Duty.
We have expertise in this field through partnership with vulnerability assessment platforms and co-founding and chairing the Vulnerability Working Group for the Association of Professional Compliance Consultants.
Services
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Consumer Duty data capture and analysis
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Customer journey design
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Positive feedback frameworks
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Staff training
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Value and pricing audits
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Vulnerability assessments
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Reporting design
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Privacy statements and Data Sharing
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Consumer Duty Champions
Industry sectors
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Financial advisers and providers
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Consumer credit
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Equity release
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Wealth Management
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Pension providers and advisers
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Mortgage Lenders and advisers
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General insurance providers and brokers
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Banks, Building Societies and Friendly Societies
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P2P platforms
Most of our work is confidential in nature so details cannot be published. We are happy to provide more specific information about work we have undertaken.