ico-about ico-settings ico-how ico-product ico-support ico-person ico-addon ico-addon ico-building ico-download ico-emergency ico-expenses ico-secure ico-gadget ico-facebook ico-linkedin ico-twitter ico-education ico-calculator ico-summary ico-faq ico-gold-refer
Image of Page Logo

How offering your customers a B&C service can help you align with Consumer Duty

Consumer Duty will not have escaped anyone working in Financial Services and it is fully in place having been implemented from 31st July 2023.

While a lot of firms may feel they are already doing a lot of what is being asked, Consumer Duty will have a big impact to businesses and individuals and firms cannot get it wrong.

The Financial Conduct Authority (FCA) is expecting a culture shift for firms with the responsibility moving from the customer to the firm.

A critical takeaway from the new rules is that you must be able to evidence that customers are receiving good outcomes. Forget what you can tell, what can you show if you are asked for evidence.

The key focus is on four outcomes:

  • Governance for products and services
  • Price and value
  • Consumer understanding (Communications)
  • Consumer support (Customer Services)

Put yourself in your customer’s shoes and put the customer at the heart of your business to protect your business.

Offering a B&C service to your customers can help you with at least one of the elements within Consumer Duty. In the cross cutting rules, firms need to take all reasonable steps to:

  • Avoid causing foreseeable harm
  • Enable retail customers to pursue their financial objectives
  • Act in good faith

Acting in good faith should go without saying. It is a principle all advisers should abide by every time, being honest and acting with integrity with their customers (not just because it happens to be one of the Consumer Duty cost cutting rules!).

Likewise, when it comes to avoiding causing foreseeable harm. As an annually renewing policy, your customer’s home insurance policy needs to be reviewed every year to ensure the cover in place is still appropriate for their needs and competitive.

It is the perfect opportunity to also assess their overall position and circumstances at the same time to make sure they have appropriate advice on the products and cover that will meet their needs.

Click on the image below to review information we have previously shared and how offering your customers a B&C service can help you align with some of your Consumer Duty responsibilities.

Contact Us if we can help or support you further.