Ep. 5 : Consumer Duty – What are best practices? Dectech Discusses
The introduction of the Consumer Duty represents a paradigm shift in the regulation of retail financial services. Instead of focusing solely on regulating conduct, the Financial Conduct Authority (FCA) now emphasizes regulating outcomes, placing a strong emphasis on prioritizing the interests of consumers.
Accordingly, the Consumer Duty requires financial firms to conduct thorough assessments and testing of all aspects of their products and services. This encompasses not only how they are sold, communicated, and marketed, but also the level of support provided to consumers throughout their journey.
The incorporation of behavioural science into these assessments is pivotal to meeting the requirements of the Consumer Duty. As behavioural experts, we are well-placed to help. Read our free guide to help you understand your responsibilities depending on your role within your organisation, and to see examples of our work.
These include Comms Testing to ensure your communications are understood by consumers, Journey Audits to ensure customer journeys don’t exploit behavioural biases (through the use of “sludges”), Product Suitability Testing to ensure products match the needs of customers, and more.
Click below to download the guide or contact us at firstname.lastname@example.org.