The Consumer Duty requires us to focus on consumer outcomes, putting the customer’s interests at the heart of our activities.
Communications equip consumers to make effective, timely and properly informed decisions about financial products and services.
Products and Service
Products and services are specifically designed to meet the needs of consumers, and sold to those whose needs they meet.
Customer service meets the needs of consumers, enabling them to realise the benefits of products and services and act in their interests without undue hindrance.
Price and Value
The price of products and services represents fair value for consumers.
A key element of the Consumer Duty is the requirement for us to assess, test, understand and evidence the outcomes the customers are receiving.
We will use data to measure our performance to ensure that we meet the requirements and examples of this are:
Where issues are identified, they will be addressed appropriately. Potential interventions could include:
The Consumer Duty applies across all of our activities – from high-level strategic planning to individual customer interactions. Internal processes will be reviewed and customer service processes may need to be re-evaluated.
We will conduct regular Gap Analyses to ensure that we maintain required standards
We will be proactive in ensuring that our products and services are fit for purpose and provide fair value.