London, 13th August 2024

TURN (The Universal Reporting Network) is thrilled to announce the launch of our innovative Consumer Duty initiative in partnership with CXCO and Investor in Customers. This strategic collaboration aims to elevate the standards of care for retail customers within the financial services industry, ensuring that firms not only meet but exceed the expectations set by the Financial Conduct Authority (FCA). 

What is Consumer Duty? 

The Consumer Duty, now enshrined as Principle 12 in the FCA’s Principles for Business Handbook, mandates that firms must act to deliver good outcomes for retail customers. This principle replaces the existing Principles 6 and 7 and sets a higher standard of care, requiring firms to undergo a cultural shift to place the customer at the heart of their business. The FCA’s emphasis is clear: firms must act not only to prevent harm but to deliver positive outcomes for their customers. 

Key Components of Consumer Duty: 

• Act in the Interests of Customers: Prioritise customer benefits in all actions and decisions. 

• Avoid Foreseeable Harm: Proactively identify and mitigate potential risks. 

• Enable Informed Decisions: Provide clear, concise, and timely information tailored to customers’ understanding and risk tolerance. 

These principles lead to four key outcomes: Products and Services, Pricing and Value, Customer Support, and Customer Communications. 

TURN’s Innovative Solutions 

TURN introduces a transformative approach to help asset managers and distributors comply with Consumer Duty: 

• Unified Data Source: Central repository for all distribution partners, enhancing consistency and reliability. 

• Rapid Data Access: Accelerates the availability of data for new fund launches, facilitating quicker market entry. 

• Full Traceability: Offers complete visibility over data access and usage, bolstering governance and oversight. 

• Streamlined Updates: Enables straight-through processing for data changes and updates, significantly reducing administrative burden. 

• Fund Data Accessibility: Provides comprehensive access to fund data for detailed analysis. 

• Industry-Driven Design: Continuously refined by industry participants to ensure relevance and practicality. 

• Cost Efficiency: Delivers a budget-friendly solution without compromising on quality or security. 

CXCO and Investor in Customers: Enhancing Compliance 

CXCO, alongside Investor in Customers, brings a wealth of expertise to ensure firms excel in Consumer Duty compliance: 

• Survey Deployment: Automated surveys collect real-time data at customer touchpoints. 

• Real-time Response Notifications & Dashboards: Immediate feedback access allows for prompt responses. 

• Fully Managed Programme: Regular reviews by CXCO and Consumer Duty experts ensure continuous improvement. 

• ‘Closed-loop’ Process: Negative responses trigger follow-ups to resolve and document issues. 

• Reporting: Data feeds into dashboards and reporting tools, providing robust proof of FCA compliance. 

• Adherence and Evidence: Real-time evidence supports yearly Board attestations and ad-hoc regulatory requests. 

• Expert Guidance: Ongoing reviews by experts ensure the programme adapts to evolving regulations. 

• NPS Measurement: Includes Net Promoter Score monitoring. 

• Proactive Customer Outcomes Publishing: Firms can publish customer outcomes to demonstrate transparency. 

• Data Sharing: Firms can share customer outcome data with their partners in the distribution chain to contextualise qualitative data. 

The TURN & CXCO Advantage 

By partnering with TURN and CXCO, both asset managers and distributors gain a strategic ally in navigating the complexities of data management and regulatory adherence. Our combined platforms are not just tools; they are catalysts for efficiency, compliance, and market agility. 

Gary Bond, CEO of TURN, expressed his excitement about the partnership: “This initiative underscores our commitment to enhancing data management and compliance through cutting-edge technology. Together with CXCO and Investor in Customers, we aim to set new standards for the industry, ensuring that the principles of Consumer Duty are not only met but exceeded.” 

Join TURN and CXCO today and step into a new era of delivering investment products – where control, compliance, and cost-effectiveness are at the heart of your data strategy. 

For more information, please contact: Eduard Lucian Comaromi Head of Marketing, TURN eduard.comaromi@tisaturn.com 

Follow TURN on Social Media: 

• Twitter: @turn_network 

• LinkedIn: TURN (The Universal Reporting Network) 

About TURN 

TURN leverages advanced blockchain technology to provide a robust platform for data management and compliance, ensuring data integrity, security, and transparency. 

About CXCO 

CXCO specialises in Outcome Measurement, helping organisations excel in Financial Services since 2006. Their expertise ensures continuous improvement and alignment with evolving regulations. 

About Investor in Customers 

Investor in Customers provides comprehensive customer experience evaluation and benchmarking services, supporting firms in delivering exceptional customer outcomes.