The UK Financial Conduct Authority (FCA) has published a ten point checklist for firms to consider ahead of the Consumer Duty coming into force on July 31, 2023. The Consumer Duty is a significant shift in regulatory expectations and will apply to new and existing products and services that are open for sale or renewal.
From the ten point list, two are specifically aimed at communications:
- How are you testing the effectiveness of your communications? How are you acting on these results?
- How do you adapt your communications to meet the needs of customers with characteristics of vulnerability, and how do you know these adaptions are effective?
In addition other points ask:
- What data, MI and other intelligence are you using to monitor the fair value of your products and services on an ongoing basis?
- What assessment have you made about whether your customer support is meeting the needs of customers with characteristics of vulnerability? What data, MI and customer feedback is being used to support this assessment?
- How have you satisfied yourself that the quality and availability of any post-sale support you have is as good as your pre-sale support?