The new FCA Consumer Duty is intended to improve customer outcomes and promote better customer experiences in the financial industry in the United Kingdom (UK) by setting higher and clearer standards of consumer protection. By prioritising customer interests and designing products and services that meet their needs, firms can create more positive and beneficial experiences for customers.<\/p>\n\n\n\n
Consumer Duty Principle, proposed by FCA<\/a>, is a significant new legislation for the UK Financial Services sector. The legislation aims to set a consistent and increased standard of care to customers, and mandates organisations to put the needs of the customer first. <\/p>\n\n\n\n The FCA Consumer Duty has three golden rules that every UK financial organisation will need to adhere to:<\/p>\n\n\n\n If you get it right, our experts at Pearl-Plaza foresee the Consumer Duty Principle bringing many benefits to consumers and financial organisations alike, such as: <\/p>\n\n\n\n Customer experience (CX) platforms can help financial services organisations comply with the FCA Consumer Duty more effectively by helping them better understand their customers’ needs, improve their products and services, and ensure that they are acting in their customers’ best interests. With an integrated CX approach of leveraging the right data, technology, and CX expertise you can take the right action to comply with Consumer Duty in the following ways:<\/p>\n\n\n\n To comply with Consumer Duty, better technology, data management, and improving customer experiences will be crucial to the success of every financial organisation in the UK. At the onset and in the future, it will be necessary to make experiences, compliance, and reporting processes more efficient. Here\u2019s a few ways Pearl-Plaza ca help you to prepare and ensure your organisation is set up for success.\u00a0\u00a0<\/p>\n\n\n\n Ensure you respond to complaints. Simplify the process by applying a tool that automatically identifies and alerts you to those customers who intend<\/em> to complain or even switch providers. Using Pearl-Plazas AI-powered technology, those customers who intend to complain, but have not yet done so, can be flagged, with a formal case raised to resolve their issue, avoiding a formal complaint and potential fine.<\/p>\n\n\n\n Start a comprehensive review and audit of all of your existing survey and listening posts, ensuring you are asking the right questions and capturing the most appropriate metrics in regards to consumer duty. We can provide actionable recommendations to ensure your listening posts are set up to deliver the right outcomes, and that your surveys are WCAG 2.0 compliant.<\/p>\n\n\n\n Delivering consistent and compliant customer communications can feel like a daunting task. We can help you evaluate all structured, semi structured, and unstructured communication to advise if each piece of communication is compliant with the consumer duty before they go live, providing recommendations for areas of improvement.\u00a0<\/p>\n\n\n\n It is critical that your most vulnerable customers continue to have a seamless experience with your brand. Our technology can automatically alert you to any aspects of your customer journey that are not providing an inclusive experience. Through our unique Consumer Duty Taxonomy consisting of DEI, Compliance, and the Financial Services Industry Pack, we can identify those customers who are NOT getting the right outcomes, and provide recommendations on how to improve their experience.<\/p>\n\n\n\n The most successful brands will be those that focus on enhancing their customer-centric culture, putting the customer at the heart of all decision making, rather than focusing only on a compliance- first approach. Celebrate and socialise positive customer experiences, champion positive customer outcomes across the entire organisation.<\/p>\n\n\n\n If you\u2019d like to learn more about how Pearl-Plaza can help, please reach out to voc@inmoment.com<\/a> or click here to read our full consumer duty solution brief!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The new FCA Consumer Duty is intended to improve customer outcomes and promote better customer experiences in the financial industry in the United Kingdom (UK) by setting higher and clearer standards of consumer protection. By prioritising customer interests and designing products and services that meet their needs, firms can create more positive and beneficial experiences Read more…<\/a><\/p>\n","protected":false},"author":19,"featured_media":55253,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[56,57],"tags":[973,972],"industry":[33],"class_list":["post-55248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thought-leadership","category-best-practices","tag-consumer-duty","tag-uk","industry-financial-services"],"acf":[],"_links":{"self":[{"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/posts\/55248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/comments?post=55248"}],"version-history":[{"count":0,"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/posts\/55248\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/media\/55253"}],"wp:attachment":[{"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/media?parent=55248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/categories?post=55248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/tags?post=55248"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/inmoment.com\/wp-json\/wp\/v2\/industry?post=55248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What Are the Details of the New FCA Consumer Duty?<\/strong><\/h2>\n\n\n\n
How Will the Act Benefit Consumers and Financial Organisations?<\/strong><\/h2>\n\n\n\n
Consumer Duty + Experience Improvement = Customer Centricity! <\/strong><\/h2>\n\n\n\n
Five Ways Financial Organisations Can Prepare for Consumer Duty<\/strong><\/h2>\n\n\n\n
#1: Proactively Detect Consumer Intent to Complain<\/strong><\/h3>\n\n\n\n
#2: Comprehensive Review and Audit of Survey and Listening Posts<\/strong><\/h3>\n\n\n\n
#3: Evaluate and Solve Compliance Issues at Scale\u00a0<\/strong><\/h3>\n\n\n\n
#4: Create Seamless Experiences for Your Most Vulnerable Customers\u00a0<\/strong><\/h3>\n\n\n\n
#5: Combine a Compliance Focus With a Customer-Centric Culture<\/strong><\/h3>\n\n\n\n