Consumer Duty: Using Complaints Root Cause Analysis for Enhanced Customer Outcomes


INSIGHT
Published
Feb 12th '24
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Article by Avyse Partners.

 

It is now over six months since the implementation of the Consumer Duty (“the Duty”) at end of July last year. There has been a consistent theme in the regulator’s publications over the last few months (Dear CEO letters, Consultations, website articles), the messaging has never been stronger, firms need to evidence that they are identifying potential harms and delivering good customer outcomes through their data and act quickly to address areas of customer harm.

 

The data needed to meet this requirement can be drawn from a variety of sources across your product lifecycle, and your complaints data is a rich resource – complaints handling has been firmly in the spotlight recently following the FCAs recent intervention in the Motor Finance sector.

 

Below we explore how firms are failing to utilise complaint Root Cause Analysis (RCA) as a tool that can help identify harms deliver the right outcomes and help shape Consumer Duty Board Reports. It is too easy to think that successfully and fairly handling a complaint fulfils your obligations. Work must not stop at the Final Response Letter, there’s so much more that needs to be done using data gleaned from your customer complaints. So where do firms so often go wrong? Here are our four practical considerations for you… Read full article, here.

 

Source: Avyse Partners

 

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