This article, provided by guest authors Robin Wood and Roger Franklin, continues our series looking at an insurance broker’s duty of care and improving the quality of your Professional Indemnity risk management. This week focuses on the FCA’s Consumer Duty.
Consumer Duty

Supporting Customers Throughout the Product and Service Lifecycle
Under the Consumer Duty, firms must enable and support customers to pursue their financial objectives throughout the customer journey. In this article, we will look at how you can support your customers throughout the lifecycle of a product or service.

Is Your Firm Doing Enough to Ensure That Your Insurance Products and Services Meet the Needs of Customers?
Under the Consumer Duty, firms are required to ensure that all products and services meet the needs, characteristics, and objectives of customers in their target market, including those with protected characteristics or characteristics of vulnerability. How can inclusive design help to achieve this?

How Does Disclosing Mental Health Affect Insurance Prices?
People with mental health problems are being charged higher insurance premiums compared to non-sufferers. This article examines the implications of this and how firms can do more to ensure they are offering fair value to all customers.

How Will Training Evolve Under the New Consumer Duty?
Training has already come a long way in recent years, but how is the shift in focus to consumer outcomes, under the new Consumer Duty, likely to affect learning and development going forward?

How Can Insurance Firms Support Disabled Customers in Pursuing their Financial Objectives?
Last week, we looked at diversity and inclusion in customer services under the Consumer Duty. In this article, we will be looking specifically at disability, one of the nine protected characteristics, and how it can affect a customer’s experience.

Consumer Duty Implementation Plans – Good Practice
What key examples of good practice has the FCA highlighted from their review of firm’s Consumer Duty implementation plans?

FCA Reviews Firms' Consumer Duty Implementation Plans
Following a review of Consumer Duty implementation plans the FCA has highlighted 3 key areas firms may need to reconsider. What does your insurance firm need to know to remain compliant?

Diversity and Inclusion in Customer Services
Failure to recognise the diverse needs of certain groups can lead to customers receiving poor outcomes. How can customer services staff communicate more effectively to help deliver better outcomes for all?
The Old Library,
Lion Street,
Blaenavon,
Torfaen,
NP4 9QA