38% of firms lack knowledge on FCA’s new Consumer Duty

38% of firms lack knowledge on FCA’s new Consumer Duty

38% of firms have limited knowledge of the FCA’s new Consumer Duty, with many turning to technology and data to solve their woes.

Seizing the opportunity of new Consumer Duty regulation

Watch the former CEO of the Financial Ombudsmen Services and member of PA’s management group, Caroline Wayman, as she shares her reflections of the Consumer Duty and sets ways to:

* Embrace the shift and get the whole organisation onboard
* Think more ‘customer’ less ‘compliance’
* Explore key areas of the duty and how it will be applied in practice
* How you can evidence implementation

What does the FCA’s Consumer Duty mean for insurers and intermediaries?

What does the FCA’s Consumer Duty mean for insurers and intermediaries?

Daniel Meyer, Associate at Freeths, and Daniel Seely, Senior Associate at Freeths, talk to us about the Consumer Duty, and cover practical steps insurers can take to avoid risk.

Read the practice note at: https://www.lexisnexis.co.uk/legal/guidance/the-fcas-consumer-duty?utm_source=youtube &utm_medium=social

Responding to the Consumer Duty

Over recent years, the FCA has been active in regulating the conduct of retail financial markets and introduced numerous updates to their handbook.

The new Consumer Duty, however, aims to bring about a fairer and more level playing field, where firms are consistently placing consumers’ interests at the centre of their businesses and extending their focus beyond merely compliance with specific rules, but instead to focus on delivering good outcomes for consumers.

Too often are firms unable to evidence the customer protection that they genuinely want to provide. Many conduct frameworks focus too heavily on inputs, and insufficiently demonstrate the outcomes that firms are trying to deliver.

Getting this right will not only result in a significant uptick in consumer trust, but a potential sustained reduction in future regulatory change and remediation costs incurred by the market.

What should firms be thinking about in responding to the Consumer Duty

Recognise the true impact for firms. The FCA has acknowledged that different parts of Conduct Regulation are falling short in different parts of the market, so making sure that you’re aware of the current areas under the spotlight is going to be key, as well as ensuring consistency in your approach to managing conduct risk across different products, services and customer populations.

Define what good looks like. Central to the consumer principle is an interpretation of “good outcomes” which goes beyond “fair outcomes”. Firms will need be mindful of where they need to show they have made a step change in the outcomes they are delivering and collaborating within the industry and the regulator will be necessary.

Rather than starting with new policies, frameworks and controls, firms should be thinking about the evidence that proves their intent to deliver good outcomes for customer and the consistent data required to support this. Firms should be looking to integrate consumer outcomes into their holistic long-term data strategies and data should be forward looking, able to anticipate potential harm, and be regularly tested.

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