Released along side the FCA review into firm treatment of customers in vulnerable circumstances, this report reviewed areas of improvement to support good customer outcomes.
https://www.fca.org.uk/publications/good-and-poor-practice/consumer-support-outcome-good-practices-areas-improvement
Summary:
This document outlined the findings from the FCA's review of financial services firms' approaches to consumer support, with a focus on how firms meet customer needs, facilitate access to support, foster a supportive culture, and monitor outcomes. It evaluates both good practices and areas for improvement in these domains, providing firms with a framework to align their strategies with the Consumer Duty requirements.
Key Takeaways:
Meeting Customer Needs: Firms need to align their support services to the specific needs of their customer base, including those with characteristics of vulnerability. Proactive efforts like using digital support and monitoring account activity for vulnerable cus...
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