The Consumer Duty

The Financial Conduct Authority (FCA) has introduced a new Consumer Duty, which sets a higher and clearer standard of consumer protection across financial services. The Duty requires firms to put their customers' needs first and to act to deliver good outcomes for customers.

The Consumer Duty 2.0 Report

Consumer Understanding & Industry Expectation

We are proud to partner with Signal to present this report to you, by downloading the report you will discover the findings of our survey and the gap between customers' perceived understanding of financial communications, versus the reality.

We know that most firms are well underway with implementing their plans. But Consumer Duty is a long game. In particular, the shift that’s required to meet the expectations of consumer understanding.

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The Consumer Duty 2.0 Webinar

Watch our on-demand webinar to take a deeper dive into the key findings of our research and hear from communication specialists Signal and Quadient along with guests.

Learn how technology plays it part and the knowledge and tips our panellist shared.

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Why is it Important to Prepare Now?

Communications

Firms must ensure that their communications are clear, fair, and not misleading

Value

Firms must provide products and services that meet the needs of their customers and offer fair value

Support

Firms must provide customer support that is timely, helpful, and accessible

Resources to Help You Prepare

Blogs, Reports and Infographics

Consumer Duty Infographic

The Duty is made up of an overarching principle and new rules that firms will have to follow. The overarching principle is that firms must "act to deliver good outcomes for customers". This means that firms must consider the needs of their customers when designing and delivering products and services, and they must take steps to prevent harm.

So how prepared are you for this? Download our infographic to view the key findings in our latest report on Consumer Duty

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Information Sharing

Only 24% of respondents always receive comms from their bank in their preferred channel

— The Consumer Duty 2.0 Report, Pg. 5

Consumer Duty Blog

Rethinking the path to compliance: the FCA’s new Consumer Duty

The Consumer Duty is a significant change to the way that financial services firms are regulated. It sets a higher standard of care for consumers and it requires firms to put their customers' needs first. The Duty will help to ensure that consumers receive the protection they deserve and that they are able to make informed decisions about their financial products and services.

In this blog, Andrew Stevens, Quadient’s Industry Principal, Banking and Financial Services, summarises what the FCA’s Consumer Duty is and how firms can become compliant.

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Are you ready to avoid a wave of Consumer Duty complaints? Our survey says…

The Consumer Duty will have a significant impact on the way that financial services firms operate. Firms will need to review their products, services, and processes to ensure that they are compliant with the Duty. They will also need to put in place systems and processes to identify and prevent harm to their customers.

Our latest report shows some shocking figures, one of them being only 2 in every 25 customers actually understands you.

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Consumer Understanding

53% felt they had a strong grasp of their banks communications, but only 8% gave the correct answer

— The Consumer Duty 2.0, Pg. 5

Legal & General Prepares for Consumer Duty with Streamlined Communications

Learn how Legal & General have taken measures to ensure that they are ready for Consumer Duty and how they are preparing for their customers to receive good outcomes. See how they are simplifying their communications and are taking the necessary steps so that their customers are receiving the communications in a timely manner. As well as making sure that the customer understands what it is they have received. This will enable the customer to make effective decisions.