Consumer Duty outcomes: Meeting the consumer understanding and support requirements

We hosted the next Consumer Duty Champions Forum, held by the Consumer Duty Alliance, an independent professional body, bringing together individuals and firms as they implement the FCA’s Consumer Duty requirements.

Under the Consumer Duty, firms need to evidence how they have helped their customers make informed financial decisions. However, the Duty’s consumer understanding and consumer support requirements have received much less focus than those related to product and service design, and fair value. This has made it more difficult for firms to determine what good looks like and help benchmark whether their approach is up to scratch.

This Consumer Duty Alliance Champions Forum focused on the fundamentals of good customer journey design and highlights the practical steps firms can take to help support their customers, covering:

  • Consumer understanding fundamentals: How insights from behavioural science can help you achieve and evidence consumer understanding.
  • Practitioner perspective: How firms approach their consumer understanding and consumer support obligations, with practical example(s).
  • Panel discussion on:
    –  What to consider when designing/reviewing customer journeys
    –  Approaches to consumer testing
    –  How to evidence consumer understanding

 

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