Leading Industry Players Join Forces to Deliver Gold Standard Response to Consumer Duty Regulation

Published May 30, 2023

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London, UK – May 30, 2023 – Research firm Toluna, in collaboration with multiple key industry players including Legal & General and Phoenix, has formed the Consumer Duty Consortium to develop a gold standard response to meeting the requirements of the new Consumer Duty regulation. This regulation comes into effect at the end of July, and any consumer-facing provider within the financial services sector must ensure that their products and services meet customer needs, offer fair value, provide helpful customer support and communications that are understandable

Speaking about the challenges of the new regulation, Michael Worledge, Head of FS Research at Harris Interactive & Toluna commented: “The looming deadline is a significant challenge for providers, but the specifics of what needs to be addressed by that date are the more stringent challenge. The Consumer Duty Consortium offers a syndicated insights approach to addressing the Consumer Understanding outcome through robust consumer testing, with the additional benefit of industry benchmarking.”

Charlotte May, Group Head of Customer Research, Legal & General, one of the founding members of the Consumer Duty Consortium, added, “It’s a shared challenge, with a short timeframe; it makes sense to collaborate. The Consortium has leveraged collective experience to deliver at pace, a best-practice, high-volume approach, at a feasible cost. More importantly, our customer-led approach to design is aligned with the sentiment of the Duty. I’m excited about how the outputs will help enhance our customers’ experiences.”

The Consumer Duty Consortium offers a solution for companies that are facing challenges in meeting the new regulation’s requirements. The syndicate is growing, and interested parties can contact the Financial Services Team at Toluna here to find out more about the Consortium and the full benefits of membership.

About Toluna:

Toluna empowers leading brands and agencies to conduct research without limits by unifying the best of technology, the best of research science, the best of global panel, and made-to-measure service to scale your business.

Toluna is powered by 2500 employees worldwide, delivering critical insights in over 90 markets to over half of the Fortune 500. Together, we strive to push the field of market research toward a better tomorrow.

About Harris Interactive:

Harris Interactive simplifies complex decisions with critical consumer intelligence. We set ourselves apart as we fuse sector expertise and award-winning research design with innovative tools and technology from our parent company, Toluna. This combination delivers impactful insights that keep clients ahead of what’s next. Expert in all areas of research design, implementation, analysis, and reporting, Harris Interactive has particular strengths in customer experience, brand, and new product development.

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