Last week marked the 1-year anniversary of the FCA’s Consumer Duty regulation, a milestone commemorated with a series of presentations that conveyed a clear message: the Financial Services industry still has work to do to fully meet the expectations of this regulation.
Progress and Ongoing Efforts
Among the various sectors within Financial Services, Insurance stood out as the only industry explicitly acknowledged for its progress. This highlights the FCA’s perspective that compliance with Consumer Duty is an ongoing journey, rather than a one-time achievement. The emphasis is on continuous improvement and adaptation to meet regulatory standards.
Alignment with the Financial Ombudsman
A notable aspect of the event was the presence of the Financial Ombudsman, who echoed the FCA’s sentiments, underscoring the strong alignment between the two organisations. This collaboration reinforces the importance of a unified approach to ensuring fair treatment and protection of consumers across the financial landscape.
Addressing Customer Vulnerabilities
With the inclusion of closed products under the Consumer Duty’s scope, a significant reminder was issued regarding the importance of addressing customer vulnerabilities. It is critical to recognise that the circumstances of a customer at the time of purchase may change, necessitating ongoing attention to their evolving needs.
Upcoming Event: Annual Vulnerable Customer Summit
For those grappling with the challenge of identifying and supporting vulnerable customers, an important date to note is 26th September. Our annual vulnerable customer summit will provide invaluable insights and best practices on delivering accessible services and effective communication tailored to vulnerable customers. This event is an excellent opportunity to deepen your understanding and improve your approach in this crucial area.
Mark your calendars and register to join us for a day dedicated to learning and sharing strategies that ensure all customers receive the care and attention they deserve.
