Delivering fair outcomes
Governance
Born from the financial crisis of 2008, we have long demonstrated our commitment to good governance and are here to support you in putting the customer at the heart of all you do.
Meeting Consumer Duty requirements is not a once and done
Our strategic insight programmes bring good governance to life and aim to ensure that we can help you meet multi-faceted governance needs.
The Consumer Duty presented challenges and opportunities for firms. As the deadline has now passed, it’s important not to let the spirit of the regulation to be forgotten. Working in partnership, we can help you to gain insight into your customers and evidence the required outcomes to ensure continuous, effective compliance with Consumer Duty.
For 10 years we have been industry pioneers in putting customers at the heart of decision making. We have a range of solutions to help you evidence that you consider the consumer in all you do.
Providing evidence across three pillars
Senior Management Accountability
- KPI survey and sentiment tracker
- Voice of client roundtables
- Consumer closeness sessions
- Profiling & understanding legacy books
Good Customer Outcomes
- Products and Services
- Consumer Understanding
- Fees and charges
Customer Experience Framework
- Quality of service – what you offer versus customer expectations
- Test understanding of key communications across a client journey
- Understand drivers of value and where to improve
ESG Sourcebook
There is a disconnect in an area with growing relevance for consumers. Our testing programmes aim to evidence that strategies and propositions with sustainability characteristics are clearly articulated to the end consumer.
Your clients expect corporates to play their part, to move with social norms and be looking at the bigger picture. Few clients want the detail, nor are they prepared to trade off cost and returns.
Without a joined-up approach you may alienate customers, risk activist intervention and fall foul of anti-greenwashing regulation.
Our techniques apply Consumer Duty principles to your responsible products and communications.
Examples of our work
Take a look at some examples below, please contact us to discuss these projects, or your own in more detail.
Product testing
Our client
A UK asset manager
Their challenge
Our approach
Outcome/impact
Comms testing
Our client
Their challenge
In order to comply with FCA guidance, our client wanted to build a foundation of consumer insight across their fund range, which would guide retail investor communications going forward.
Our approach
We ran a programme of customer testing across multiple asset classes and had customers review various pieces of content, in order to identify areas that investors struggled with.
Outcome/impact
The insight gained was built into a toolkit for our client’s communications team. We refresh this toolkit periodically and provide ongoing training to new joiners and key business stakeholders. The team now has several guides, enabling them to consistently deliver consumer-friendly communications.
Value assessment
Our client
A UK asset manager
Their challenge
To strengthen their Assessment of Value statement, particularly around quality of service, in order to understand performance relative to customer expectations and industry norms.
Our approach
We conducted a two-day online community with proxy customers, drawn from The Wise Society. We tested critical fund communications and explored customer experiences of fund supermarkets across a range of D2C providers to understand customer service expectations and what good looks like.
Outcome/impact
Our approach to testing communications informed the development of our client’s Assessment of Value methodology to identify shortcomings and optimise D2C communications.
Contact us
We draw on deep industry expertise, insight and our independent perspective to develop the tools you need to make savings and investments more accessible to all.
Get in touch to find out how, together, we can deliver financial products and services that your client wants and needs.
The Wisdom Council
- contactus@thewisdomcouncil.com
- Cannon Green, 27 Bush Lane,
London, EC4R 0AA