Almost 12 months on from the introduction of consumer duty, is now the time to reflect back on a successful year and start thinking about what comes next?
How can firms look to build on the processes they have already implemented and ensure they keep delivering better consumer outcomes, as well as lessening the burden of administering the duty?
Our experts will look back on the past year and offer their insight on where the major wins have been for financial services, speculating on what can be done by both business and regulator alike to keep supporting successful implementation:
Paddy Greene, Head of Money Policy, Which?
It has been almost a year since the FCA introduced Consumer Duty at the end of July 2023. From a consumer advocate perspective how successful have the last 12 months been for change in delivering good outcomes for consumers? What are the tangible benefits we've seen already and what more needs to be done by both industry and the regulator to demonstrate this regulatory change can be a long term success?
Steven Brown, Head of Brands, Savanta
Consumer Duty is about driving good outcomes, which rely on customers being able to make informed decisions. How are financial organisations testing their communications and what impact is this having on the way the communicate with the customer. Steven Brown from Savanta will provide insights into the different approaches and how this is influencing the way in which organisations are improving the way in which they get the important messages across to their customers.
Michael Worledge, Financial Services Sector Head (Research Direction), Harris Interactive
Dave Jones, Director of Product & Propositions - Europe, Assurant
Felicity Joyce, Insights Manager, Zurich Insurance
A group of financial services providers collaborated with research agency Toluna/Harris Interactive to develop a unique, purpose-built syndicated research programme that helps firms demonstrate compliance with the communications testing requirements of the Consumer Duty regulation. The programme addresses the challenges of scale, resource, budget and timeframes that would not have been achievable by a firm doing so in isolation.
The programme has established a powerful industry benchmarking database, providing members with comparisons such as by product and communications type. The programme provides a genuine opportunity to not only ensure regulatory compliance but also to improve communications, improve the customer experience and reduce the potential for poor customer outcomes.
In this session, Michael Worledge, head of financial services at Toluna/Harris Interactive will touch upon what the consortium delivers, whilst Felicity Joyce, Customer Insight Manager, Zurich Insurance and Dave Jones, Director of Product & Propositions, Assurant will look at the impact on their businesses.
Phoebe Kent, Consultant Director, Cowry Consulting
Jeremy Mugridge, Marketing Director, Quilter
A year on after the introduction of consumer duty legislation, how are businesses like Quilter getting on and what are they doing to further their implementation of the new regulation? For this case study, we'll see the work that Quilter has done with Cowry Consulting on keeping their customers engaged with consumer duty, along with the plans they have for the future on how to continue evidencing & building on the work they have done so far.
Speakers
- Phoebe Kent, Consultant Director, Cowry Consulting
- Jeremy Mugridge, Marketing Director, Quilter
- Paddy Greene, Head of Money Policy, Which?
- Steven Brown, Head of Brands, Savanta
- Michael Worledge, Financial Services Sector Head (Research Director), Harris Interactive
- Dave Jones, Director of Product & Propositions - Europe, Assurant
- Felicity Joyce, Insights Manager, Zurich Insurance
Hosted by:
