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Get a free Consumer Duty Report

500 personalised free Consumer Duty Reports (worth £2,500 each*) available for Octopus Investments advisers

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Your free report will help you get on track for the Consumer Duty by revealing:

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How you are doing

See your firm’s scores against the 4 Consumer Duty outcomes.

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What good looks like

Learn how you compare against industry averages.

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Gap analysis

Gain clarity on what to include in your Consumer Duty plan.

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The business case

Understand how these factors could boost your revenue.

Background

The FCA has published its final Consumer Duty paper. Financial advice firms must create an implementation plan by the end of October 2022 and be following the new rules by July 31st 2023 for new and existing products/services. No mean feat given the scope of the paper.

To help, the Elevation team at VouchedFor is offering 500 financial advice firms a free Consumer Duty Report on a first-come-first-served basis.

The reports are powered by your clients’ feedback and will uncover your firm’s strengths and weaknesses against each of the four Consumer Duty outcomes, helping you get ready for the Consumer Duty in time for the 31st July deadline as well as identifying ways to drive revenue.

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How does it work?

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Request a free report​

Complete the form to request a free Consumer Duty Report.

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Complete client survey

A member of the Elevation team will help invite the client feedback that will fuel your report.

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Receive your free report

Your report aims to improve both compliance and revenue.

Request Now

What is Elevation?

Elevation is a new system from VouchedFor that helps advice firms deliver first-class client experiences and meet Consumer Duty requirements using actionable data from client feedback. It is fuelled by analysis of over 250,000 client reviews. 

Elevation shows advice firms how their client experience compares with industry averages. It also reveals the specific things that advisers should do to increase prospect conversion, generate more client recommendations and reduce risk. 

The system produces a live Consumer Duty Report that advice firms can use to measure and improve progress made against the four Consumer Duty outcomes. This report can also be shared with the regulator.

All feedback collected through Elevation can be private.

FAQs

The offer is available to any financial advice firms invited by Octopus Investments to complete the report.

Octopus Investments and the Elevation team are committed to helping advisers be the best they can be and deliver consistently brilliant client experiences. The free Consumer Duty Report will help with that

The free Consumer Duty Reports should help here in informing what to include in Consumer Duty implementation plans ahead of the October deadline.

Having received the free Consumer Duty Report some firms may choose to use, and pay for, the Elevation platform to help improve client experience, increase revenue and meet their Consumer Duty requirements on an ongoing basis. But there is no obligation.

The Elevation team has spent the last year testing and engineering questions to help advice firms understand the client experience they are delivering and how they can improve it.

The free Consumer Duty Report is generated by sending a survey to clients. Answers to this survey will produce a report showing your main strengths and weaknesses vs the Consumer Duty requirements, as well as how you compare to industry averages and how you can improve.

In sharing the report with you, the Elevation team will outline how implementing the factors within your report could increase prospect conversion and generate more client recommendations.

The current lead time is 2 weeks but it depends how quickly you can complete the template needed to power the report.

There is no commitment. You can request a Free Consumer Duty Report using the form above but if on the launch call you decide it’s not for you, no problem.

Requesting client feedback can usually be covered by legitimate interest under the GDPR. Collecting feedback is encouraged by the FCA (Clause 7.5, FG22/5) as it aids strong service provision, and clients typically expect to be invited to leave feedback for their adviser.It’s worth noting that to upload client data to any 3rd party system (such as CRMs, onboarding tools, or feedback platforms), a firm should ensure their own privacy policy mentions the use of 3rd party services. For example, you could state that you use a 3rd party named VouchedFor for the purpose of collecting client feedback. VouchedFor has collected over 300,000 clients’ feedback on behalf of most of the UK’s top financial advice firms. We have never had a complaint from a client about using their data for the purposes of requesting feedback on their adviser. For a fuller list of questions and answers relating to our use of data, please click here.

Feedback or questions? We’d love to hear from you. Please email elevation@vouchedfor.co.uk.

This offer is produced and delivered by Elevation, which is a system created by VouchedFor Ltd (company number 07485300). The offer is governed by VouchedFor’s terms and conditions and our promotional partners assume no responsibility for the offer’s promotion or fulfilment.

*We asked 5 consultants what they’d charge to run a client survey and produce a report. The lowest quote received was £2,500+VAT. None of the offerings included the industry benchmarking and commercial data that this report will include.