Consumer Duty – what do you need to do?
We’ve teamed up with RWA Business Consultancy, leading specialists who help organisations maintain regulatory compliance, to deliver their perspective on Consumer Duty.
- Engage with its three-tier consumer-centric principles
- Spot the compliance gaps in your business
- Plan your response and the resources you need to adhere to the principles in good time.
Remember, Consumer Duty is a far-reaching and mandatory shift in how we all serve customers:
- Consumer principle - always strive to deliver positive customer outcomes
- Cross-cutting rules - always act in good faith, avoid causing reasonably foreseeable harm and support customers in achieving their financial and commercial objectives
- Generate positive outcomes - products and services that are monitored, fit for purpose, offer fair price and value, are easily understood and promote informed choice without creating barriers to entry.
This guidance is provided for information purposes and is general and educational in nature and does not constitute legal advice. You are free to choose whether or not to use it and it should not be considered a substitute for seeking professional help in specific circumstances.
Accordingly, Ecclesiastical Insurance Office plc and its group companies (“Ecclesiastical”) and RWA Compliance Services Ltd, shall not be liable for any losses, damages, charges or expenses, whether direct, indirect, or consequential and howsoever arising, that you or any third party suffer or incur as a result of or in connection with your use or reliance on or action taken (or not taken) by any other party, caused by that or any other person’s use of or reliance on the information provided in this guidance, except for those which cannot be excluded by law.
In viewing the guidance, you acknowledge that over time the information provided may become out of date and may not constitute best market practice, that it is subject to change and new editions may be issued to incorporate such changes and that Ecclesiastical and RWA Compliance Services Ltd have no duty to provide such changes.