Further embedding Consumer Duty

Firms must act to deliver good outcomes for retail customers and put consumers at the heart of their businesses.

We can help you.

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.

Maintaining Consumer Duty evidence across three pillars

Senior Management Accountability

  • KPI survey and sentiment tracker
  • Voice of client roundtables
  • Consumer closeness sessions
  • Profiling & understanding legacy books

Product & Service Governance

  • Product/proposition development & innovation
  • Define target market for new products & demand reads
  • Understand your distribution to fit with target market
  • Test understanding of product communications
  • Feedback on value assessment.

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

We adopt two key approaches to testing consumer understanding

For longer, complex documents which have a call to action and are critical at the decision making point, we recommend individual, depth interviews:

  • Respondents are sent the communication in advance and asked to read
  • TWC run the project, end to end, including interviews and deliver back a risk-rated report assessing the communications and areas for improvement, leveraging our experience of testing communications for nine years.

For shorter, less complex documents where you are looking for feedback more on clarity, accessibility, look and feel, we recommend testing via our online, ‘pop-up’ community:

  • A sample representative of your target market (end investors) are recruited and profiled accordingly.
  • Participants are shown a range of the communications and add their opinions with activity moderated by a TWC researcher 
  • A series of activities can be combined over a few days to reflect in part the customer journey and build on understanding
  • TWC run the project end to end and deliver back a Task guide and RAG report assessing the communications and areas for improvement, leveraging our experience of testing communications for nine years.

Experienced in putting the consumer at the heart of financial services

We believe in giving everyone the opportunity to a secure financial future, that’s why we strive to make financial products and services fairer and more accessible to all.

Born from the 2008 financial crisis, The Wisdom Council has long demonstrated its commitment to good governance. Only through board responsibility, monitoring, reporting and putting the customer at the heart of the decision-making process, across a value chain, can financial services truly strive for good outcomes for all.

For more information, please use the contact form below, or email our Consumer Duty experts.

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

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