The Consumer Duty requires firms to put clients at the heart of every decision. The Duty puts a spotlight on a firm’s: The Consumer Duty is a set of principles, rather than rules. The FCA expects everyone within a firm to act in the spirit of the principles; it reaches much further than just compliance.Continue reading “Culture, Governance and Accountability: creating the right environment for success”
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Delivering good outcomes: a new way of asking for feedback
Customer satisfaction is dead, long live client outcomes. The FCA has placed delivering good outcomes at the heart of Consumer Duty, which comes into force at the end of July 2023. The new requirements will mean advisers need to forget everything they thought they knew about client surveys. So what should you be doing? ToContinue reading “Delivering good outcomes: a new way of asking for feedback”
Consumer Duty outcome 4: 3 ways to show you really support your customers
The fourth outcome of the Consumer Duty is ‘Consumer Support’. Firms are required to support clients all the way through their relationship so they can “consistently get the full benefit of the product and services they have purchased without unreasonable barriers”. In this article, we offer three simple steps firms can take to nail thisContinue reading “Consumer Duty outcome 4: 3 ways to show you really support your customers”
What, why and how – the 15 questions we keep getting asked about Consumer Duty
The Consumer Duty clock is ticking, as firms have until the end of July 2023 to be compliant. At VouchedFor, we’ve hosted a packed schedule of webinars to help firms navigate the Consumer Duty. Based on the questions you’ve asked, here are answers to the 15 most commonly asked questions, to help you nail yourContinue reading “What, why and how – the 15 questions we keep getting asked about Consumer Duty”
Consumer Duty outcome 3: Do your customers really understand you?
The third outcome of the Consumer Duty is ‘Consumer Understanding’, where firms are required to communicate in a way that, “in addition to being fair, clear and not misleading, is also understandable and facilitates informed consumer decisions”. In this article, we explain what this means and show where firms could strengthen their communications. Advisers haveContinue reading “Consumer Duty outcome 3: Do your customers really understand you?”
Consumer Duty outcome 2: Are 1 in 6 of your clients unsure how they pay you?
Advisers have four ‘outcomes’ to consider under the FCA’s new Consumer Duty regulations: products and services, price and value, consumer understanding and consumer support. This article looks at the second of these – ‘price and value’ – and the requirement of firms to “ensure clients are receiving fair value when it comes to the priceContinue reading “Consumer Duty outcome 2: Are 1 in 6 of your clients unsure how they pay you?”
Consumer Duty outcome 1: 4 top tips to ace ‘Products and Services’
Advisers who are directly interacting with clients, and senior staff within a firm, need to fully embrace the Consumer Duty as the scope of the new rules, which are phased in from July 2023, is huge. There are four outcomes each firm is expected to monitor and evidence: Products and services Price and value ConsumerContinue reading “Consumer Duty outcome 1: 4 top tips to ace ‘Products and Services’”