Insurance multi-firm review of outcomes monitoring under the Consumer Duty


INSIGHT
Published
Jun 26th '24
Share
Facebook

Firms must regularly monitor the outcomes retail customers receive to identify whether they are meeting their obligations under the Consumer Duty.

 

Under the Consumer Duty (the Duty) firms must regularly assess, test, understand and evidence the outcomes their customers are receiving. Without this, it will be impossible for firms to know that they are meeting the requirements set out in the Duty.

 

This publication sets out the key findings from the Financial Conduct Authority (FCA) review of larger insurance firms’ approaches to outcomes monitoring under the Duty.

 

The FCA recognise this represents a new expectation of firms and have set out examples of good and poor practice to help all firms raise their standards where necessary.

 

Firms that identify gaps in their compliance with the rules should act immediately, putting robust plans in place to address any shortcomings.

 

Read more, here.

 

Source: FCA

 

About the FCA

 

We’re here to help you with Consumer Duty issuesContact Us today.

 

LS Consultancy is a Affiliate Member of the Consumer Duty Alliance, which is an independent, ‘not-for-profit’ professional body. It aims to support the personal finance sector in the adoption and implementation of the FCA’s Consumer Duty requirements through the alliance of like-minded individuals and firms.

 

Call us on +44 (0) 20 8087 2377  or email us.

 

If you want to get the right advice, quickly, with clear and totally transparent, unshackling yourself from the confines of an antiquated compliance support service, then contact us.

 

Contact us

 

About us

LS Consultancy are experts in Compliance, and work with a range of firms to help with FCA Consumer Duty.

 

Our range of innovative solutions can be tailored to suit your unique requirements, no matter whether you’re currently working from home, or are continuing to go into the office. Our services can be deployed individually or combined to form a broader solution to release your energies and focus on your clients.

 

We also provide a cost-effective and timely bespoke copy advice and copy development services to make sure all your advertising and campaigns are compliant, clear and suitable for their purpose.

 

Contact us today for a chat or send us an email to find out how we can support you in meeting your current and future challenges with confidence.

 

Explore our full range today.

 

Contact us

 

Why Not Download our FREE guides.

 

Call Us Today on 020 8087 2377 or send us an email.

 

FOLLOW US

Connect with us via social media and drop us a message from there. We’d love to hear from you and discuss how we can help.

 

Facebook | Instagram | LinkedIn | X (formerly Twitter) | YouTube

 

Contact us