{"id":49232,"date":"2023-05-30T04:00:00","date_gmt":"2023-05-30T04:00:00","guid":{"rendered":"https:\/\/tolunacorporate.com\/leading-industry-players-join-forces-to-deliver-gold-standard-response-to-consumer-duty-regulation\/"},"modified":"2023-05-30T04:00:00","modified_gmt":"2023-05-30T04:00:00","slug":"leading-industry-players-join-forces-to-deliver-gold-standard-response-to-consumer-duty-regulation","status":"publish","type":"post","link":"https:\/\/tolunacorporate.com\/ko\/leading-industry-players-join-forces-to-deliver-gold-standard-response-to-consumer-duty-regulation\/","title":{"rendered":"Leading industry players join forces to deliver gold standard response to Consumer Duty regulation"},"content":{"rendered":"\n<p><strong>LONDON, May 30, 2023<\/strong>&nbsp;\u2013 Research firm&nbsp;<a href=\"https:\/\/tolunacorporate.com\/ko\/\">Toluna<\/a>, in collaboration with multiple key industry players including&nbsp;<a href=\"https:\/\/www.legalandgeneral.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Legal &amp; General<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.phoenix-fc.co.uk\/\" target=\"_blank\" rel=\"noreferrer noopener\">Phoenix<\/a>, has formed the Consumer Duty Consortium to develop a gold standard response to meeting the requirements of the new&nbsp;<a href=\"https:\/\/www.fca.org.uk\/publications\/multi-firm-reviews\/consumer-duty-implementation-plans#:~:text=The%20Consumer%20Duty%20will%20set,the%20Duty%20within%20their%20businesses.\" target=\"_blank\" rel=\"noreferrer noopener\">Consumer Duty regulation<\/a>. 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<\/p>\n\n\n\n<p>Speaking about the challenges of the new regulation,&nbsp;<strong><a href=\"https:\/\/www.linkedin.com\/in\/mworledge\/\" rel=\"noreferrer noopener\" target=\"_blank\">Michael Worledge<\/a>, Head of FS Research at Harris Interactive &amp; Toluna<\/strong>&nbsp;commented: \u201cThe 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.\u201d<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.linkedin.com\/in\/charlotte-may-3b520210\/\" rel=\"noreferrer noopener\" target=\"_blank\">Charlotte May<\/a>, Group Head of Customer Research, Legal &amp; General<\/strong>, one of the founding members of the Consumer Duty Consortium, added, \u201cIt\u2019s 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\u2019m excited about how the outputs will help enhance our customers\u2019 experiences.\u201d<\/p>\n\n\n\n<p>The Consumer Duty Consortium offers a solution for companies that are facing challenges in meeting the new regulation\u2019s requirements. The syndicate is growing, and interested parties can contact the Financial Services Team at Toluna\u00a0<a href=\"mailto:mworledge@harrisinteractive.co.uk?subject=Query:%20Consumer%20Duty%20Consortium\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>\u00a0to find out more about the Consortium and the full benefits of membership.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LONDON, May 30, 2023&nbsp;\u2013 Research firm&nbsp;Toluna, in collaboration with multiple key industry<\/p>\n","protected":false},"author":11,"featured_media":11052,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_toluna_hide_sidebar":false,"footnotes":""},"categories":[407],"tags":[],"class_list":["post-49232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-press-ko","entry"],"acf":[],"_links":{"self":[{"href":"https:\/\/tolunacorporate.com\/ko\/wp-json\/wp\/v2\/posts\/49232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tolunacorporate.com\/ko\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tolunacorporate.com\/ko\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tolunacorporate.com\/ko\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/tolunacorporate.com\/ko\/wp-json\/wp\/v2\/comments?post=49232"}],"version-history":[{"count":0,"href":"https:\/\/tolunacorporate.com\/ko\/wp-json\/wp\/v2\/posts\/49232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tolunacorporate.com\/ko\/wp-json\/wp\/v2\/media\/11052"}],"wp:attachment":[{"href":"https:\/\/tolunacorporate.com\/ko\/wp-json\/wp\/v2\/media?parent=49232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tolunacorporate.com\/ko\/wp-json\/wp\/v2\/categories?post=49232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tolunacorporate.com\/ko\/wp-json\/wp\/v2\/tags?post=49232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}