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. As the financial world grapples with this mandate, TURN, in collaboration with CXCO and Investor in Customers, has embarked on an ambitious journey to elevate standards and transform the industry.
The story begins with the introduction of the Consumer Duty, now firmly established as Principle 12 in the FCA’s Principles for Business Handbook. This principle requires firms to deliver good outcomes for retail customers, setting a higher standard of care than ever before. The challenge was clear: how could asset managers and distributors not only comply with this new regulation but also embrace its spirit and truly put their customers first?
TURN stepped up to the plate with a vision. Recognising the need for a comprehensive and innovative solution, TURN developed a platform designed to meet the rigorous demands of Consumer Duty. This platform serves as a unified data source, enhancing consistency and reliability across all distribution partners. It facilitates rapid data access, allowing for quicker market entry, and offers full traceability, providing complete visibility over data access and usage. These features bolster governance and oversight, ensuring that every action taken by asset managers and distributors can be accounted for.
But TURN didn’t stop there. Understanding the importance of streamlined processes, the platform enables straight-through processing for data changes and updates, significantly reducing administrative burdens. Fund data accessibility is another cornerstone of TURN’s offering, providing comprehensive analysis that supports better decision-making. By ensuring transparent, timely, and seamless data delivery, TURN helps firms meet their regulatory obligations with ease.
However, TURN knew that collaboration was key to achieving true excellence in Consumer Duty compliance. Enter CXCO, a partner with a wealth of experience in customer engagement and data management. CXCO brought additional value to the table with its advanced capabilities. Through automated survey deployment, real-time response notifications, and comprehensive reporting tools, CXCO provided the means to collect and analyse customer feedback like never before. This feedback loop, essential for understanding and addressing consumer needs, was further strengthened by CXCO’s fully managed programme and ‘closed-loop’ process for negative responses.
The partnership between TURN and CXCO was a match made in heaven. Together, they could offer a holistic approach to Consumer Duty, combining TURN’s robust data management platform with CXCO’s customer-centric enhancements. This collaboration aimed to ensure that asset managers and distributors could not only comply with the FCA’s regulations but exceed them, setting new standards for the industry.
Investor in Customers, a respected voice in customer satisfaction, joined the collaboration to provide further expertise and credibility. With their support, the initiative gained momentum, and the financial services industry took notice. The combined efforts of TURN, CXCO, and Investor in Customers created a powerful alliance, ready to tackle the challenges of Consumer Duty head-on.
As the journey unfolded, it became clear that the key to success lay in both quantitative and qualitative data. TURN and CXCO’s platforms worked in tandem to provide a comprehensive view of consumer outcomes. The understanding of quantitative data points, such as those facilitated by the EMT 4.2 for manufacturer-to-distributor information flow, was becoming more established within the industry. At the same time, the qualitative insights provided by the Consumer Duty Template, developed by TISA in collaboration with its members, offered a more nuanced view of the product and provider relationships.
This holistic approach to data management ensured that firms could contextualise their quantitative data with qualitative insights, painting a complete picture of consumer outcomes. The regulator had made it clear that firms must develop their data capabilities over time, and TURN’s solution was designed to support this ongoing evolution.
Looking ahead, TURN, CXCO, and Investor in Customers remain committed to driving excellence in Consumer Duty compliance. Their collaboration aims to foster a culture of continuous improvement, ensuring that the financial services industry can deliver exceptional outcomes for all retail customers.
Stay tuned for more updates on this groundbreaking initiative. For more information, visit our website or contact us directly. Join us on LinkedIn and Twitter to share your thoughts and experiences with Consumer Duty. Together, we can elevate standards and create a more transparent, customer-centric financial services industry.
Together, let’s make a difference in the financial services industry!
