What is Consumer Duty
Consumer Duty Data Solution
The Consumer Duty, now Principle 12 in the FCA’s Principles for Business Handbook, mandates that firms act to deliver good outcomes for retail customers, setting a higher standard of care.
Asset goes here…
What does Consumer Duty require of regulated firms? The FCA guidance on Consumer Duty explicitly states…
A key part of the Duty is that firms assess, test, understand and are able to evidence the outcomes their customers are receiving. Without this, it will be impossible for firms to know that their products and services are working as they and their customers would have expected and in a way that is consistent with the Duty.
Firms have to be able to identify poor outcomes and take appropriate action to rectify the causes of the poor outcomes. They must also continuously learn from their focus and awareness of the outcomes that their customers experience in practice.
Our rules therefore require firms to:
- monitor and regularly review the outcomes their customers are experiencing to ensure that the products and services that firms provide are delivering outcomes consistent with the Duty
- identify where customers or groups of customers are not getting good outcomes and understand why
- have processes in place to adapt and change products and services, or policies and practices, to address any risks or issues identified and stop it occurring again in the future
01.
Consumer Duty
TURN’s Solutions for Asset Managers and Distributors
- Unified Data Source: Enhances consistency and reliability.
- Rapid Data Access: Facilitates quicker market entry.
- Full Traceability: Bolsters governance and oversight.
- Streamlined Updates: Reduces administrative burden.
- Fund Data Accessibility: Enables comprehensive fund analysis.
- Consumer Duty Compliance: Enables transparent, timely and seem less data delivery to meet regulatory obligations
- Industry-Driven Design: Ensures relevance and practicality.
- Cost Efficiency: Provides a budget-friendly solution.
CXCO’s Enhancements:
- Automated Survey Deployment
- Real-time Response Notifications & Dashboards
- Fully Managed Programme
- ‘Closed-loop’ Process for Negative Responses
- Comprehensive Reporting Tools
- Expert Guidance
- NPS Measurement
- Proactive Customer Outcomes Publishing
- Contextualise your quantitative data to elevate Consumer Duty compliance
TURN & CXCO Advantage:
By partnering with TURN and CXCO, Asset Managers gain a strategic ally in navigating data management and regulatory adherence. Our combined platforms are catalysts for efficiency, compliance, and market agility.
TURN, CXCO & Investor in Customers
02.
Consumer Duty
Consumer Duty Data Solution for Manufacturers
Consumer Duty puts the customer at the heart of every business. Every partner in the distribution chain will have an impact on the outcome for the customer, and data is the key to understanding these outcomes.
Distributors work with multiple manufacturers, service providers, and intermediaries, each of which has its own systems, formats, and processes for handling data. This diversity makes it difficult to operationalize data-sharing practices.
TURN delivers the solution to the market that not only allows distributors to meet their regulatory obligations in delivering feedback data to their partners in the distribution chain, but also supports internal processes, allowing them to better understand their customers.
A two-part solution, the TURN Distributor Feedback Solution delivers:
- Seamless dissemination of quantitative data to manufacturers in line with the industry standard.
- Operational efficiency in meeting regulatory obligations.
Key features include:
- Data standardization and transformation.
- Aggregated reporting capabilities.
- Real-time insights into customer feedback and compliance metrics.
TURN enables distributors to simplify regulatory compliance processes while enhancing customer understanding through data-driven insights.”
03.
Consumer Duty
Consumer Duty Data Solution for Distributors
Consumer Duty puts the customer at the heart of every business. Every partner in the distribution chain will have an impact on the outcome for the customer, and data is the key to understanding these outcomes.
Manufacturers work with multiple distributors, intermediaries, and service providers, each of which has its own systems, formats, and processes for handling data. This diversity makes it difficult to operationalize data-sharing practices.
TURN delivers the solution to the market that not only allows manufacturers to meet their regulatory obligations in obtaining feedback data from their partners in the distribution chain, but also streamlines internal processes and Board reporting.
The TURN Distributor Feedback Solution delivers:
- Seamless dissemination of DFT data in a uniform manner, together with quantitative dashboards that can be included directly in the Consumer Duty Board Report.
Key features include:
- Standardized data collection and reporting processes.
- Real-time access to customer feedback metrics.
- Improved transparency and compliance reporting.
With TURN, manufacturers gain enhanced oversight and understanding of their customer impact while maintaining regulatory compliance.
