Summary of Summaries
Key Points
Simplifying homeownership in IVAs is crucial for enhancing clarity and improving outcomes for consumers.
The Consumer Duty, effective from July 31st, 2022, sets higher standards for organizations in providing good outcomes for customers and requires proactive measures.
Leveraging technology can help validate IVAs as beneficial solutions for the right customers in debt, while also addressing overselling and commercialization challenges.
Numeracy plays a significant role in financial vulnerability, and organizations aim to simplify numerical information to improve customer understanding.
Collaboration, quality assurance, and external perspectives are vital in meeting the Consumer Duty and prioritizing good customer outcomes.
Key Statistics
Over 80% of customers churn after two negative interactions with a brand.
Approximately 34% of adults in the UK have poor to low levels of numeracy involving financial concepts.
In randomized control trials, simplifyi...
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