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Contact our Consumer Duty team to see how this solution can work for your organisation and join the likes of L&G, Paragon, Assurant, and Phoenix who are currently benefitting.

Consumer Duty – Are you prepared?

As the "Consumer Duty" regulations are in full swing, many firms are struggling to effectively plan and implement the necessary measures to comply with the new regulation. The requirement to communicate in a clear, transparent, and easily understandable manner to ensure customers fully comprehend the financial products and services they are offered has proven to be a significant hurdle; due to the volume of information, varied subject areas, reliance on jargon and small print, and the remote nature of customer relationships in the financial services sector.

We can help

In partnership with leading industry players including L&G, Assurant, Paragon and Phoenix, amongst others, we have developed a gold standard syndicated solution that has helped meet the July deadline and beyond.

Allows multiple providers to test and assess their communications simultaneously, which provides benchmarking opportunities and cost savings. It ensures objectivity, comparability, and validity in evaluating communications.

Through extensive qualitative research and an up-to-date grasp of Consumer Understanding, firms can ask the right questions during communications testing and tailor to customers' information needs. This collaborative design phase resulted in templated quantitative questionnaires for each sector, including key performance indicators.

Offers a comparable and robust way of assessing communications, informing future communications strategies through benchmarks and clear outputs. It enables firms to test priority communications before the July deadline and establishes a testing framework for the future.

Embracing the Consumer Duty and adopting a collaborative approach to communication testing, financial service providers can meet regulatory requirements, enhance customer outcomes, and drive operational efficiency.

VIDEO

Hear why L&G elected to work us to develop the Consumer Duty Syndicate

 

Useful Links

Press Release:

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

Article: (Financial Services Forum)

Consumer Duty: How L&G and other firms are addressing the comms challenge

Video: Full Interview between Charlotte May (L&G) & Michael Worledge (Toluna & Harris) at the Financial Services Forum. 

Watch here

 

Consumer Duty Obligations: (FCA)
Final rules

https://www.fca.org.uk/publications/policy-statements/ps22-9-new-consumer-duty

More info for firms

https://www.fca.org.uk/firms/consumer-duty-information-firms

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