As of 31 July 2023, the Consumer Duty is now in force. The FCA is expecting initiatives for improvement to come from the highest levels and will hold companies, including senior executives and boards, responsible for ensuring positive outcomes for consumers.
Consumer Duty
Whatever starts from its centre, grows
To help you start thinking about the culture in your organisation as part of Consumer Duty, I like to think about something that I learned in school: the, ‘what, when, where, why and how’.
Consumer Duty Countdown – A Reminder for Firms
There’s just over a month left until the implementation deadline for the new Consumer Duty. Is your business prepared?
A Broker's Duty Of Care: The FCA’s Consumer Duty
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.
Using The Consumer Duty as an opportunity to drive organisational change in the insurance industry through learning and development.
The Consumer Duty will require a significant shift in culture and behaviour for all insurance intermediaries. Senior Management will need to drive the changes forward and set the tone from the top, embedding the cultural shift within the firm’s values and behaviours.
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?