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Measuring Customer Outcomes – Beyond Metrics and Toward Real Insights

Consumer Duty

Measuring Outcomes: The Next Step in Achieving Consumer Duty Success The FCA’s Consumer Duty has shifted the focus in financial services from process-driven compliance to delivering real, measurable outcomes for customers. While internal metrics like Net Promoter Scores (NPS), complaint levels, and retention rates remain valuable, they often fail to tell the whole story. During […]

The Role of Data Sharing in Achieving Consumer Duty Compliance

CONSUMER DUTY DATA SHARING

Data Sharing: The Cornerstone of Effective FCA Consumer Duty Compliance The introduction of the FCA’s Consumer Duty represents a significant milestone in the financial services industry. The Duty compels firms to deliver better outcomes for customers through transparency, accountability, and data-driven decision-making. A key aspect of ensuring compliance with these regulations is effective data sharing […]

Embracing Consumer Duty: How Distributor Feedback Template Supports Industry Alignment 

Consumer duty

As Consumer Duty regulations continue to reshape the financial services landscape, firms face growing expectations to prioritise consumer welfare in every step of their operations. The Financial Conduct Authority (FCA) has introduced Consumer Duty with an emphasis on delivering positive consumer outcomes, encouraging firms to focus on transparency, accountability, and continuous improvement. To meet these […]

TURN to Launch the Distributor Feedback Template (DFT) on 28th October

London, UK – 28th October 2024 – TURN (The Universal Reporting Network) is delighted to announce the launch of its highly anticipated Distributor Feedback Template (DFT). This new solution is set to enhance transparency, streamline communication between distributors and manufacturers, and ensure better consumer outcomes in line with the latest Consumer Duty regulations.  The DFT […]

Margetts joins TURN (The Universal Reporting Network) to enhance Data Transparency and Compliance

London, 26th September 2024 – TURN (The Universal Reporting Network) is delighted to announce that Margetts, a leading ACD fund manufacturer, has joined its pioneering blockchain-based platform. This collaboration marks a significant step forward in enhancing data transparency, security, and regulatory compliance within the asset management industry. TURN’s innovative platform, built on advanced blockchain technology, […]

Elevating Standards in Consumer Duty: A Story of Innovation and Collaboration

Elevating Standards in consumer duty

In the ever-evolving landscape of financial services, the drive to put consumers at the heart of business decisions has never been more critical. This commitment is the essence of the Consumer Duty, a regulatory principle introduced by the Financial Conduct Authority (FCA) to ensure that firms act in the best interests of their retail customers. […]

Data- what does it mean?

The importance of putting consumers at the heart of a business is the well-recognised aim of Consumer Duty. In my last blog, I talked about the FCA repeatedly expressing that firms should be using data to design comprehensive measures that evaluate consumer outcomes. But what type of data is required to understand outcomes for consumers, […]

Consumer Duty One Year On

Consumer Duty

This week we hit the first anniversary of first implementation deadline for Consumer Duty, it’s a fitting time to reflect on the impact on manufacturers, distributors of investment products and clients. The shift toward a more principals-based regulation has been an interesting concept—a set of rules that aren’t really rules. Instead, an expectation of how […]