The FCA Consumer Duty obligations have set higher and clearer standards of consumer protection across all financial service organisations, and the requirements placed on companies are to have these new rules embedded and implemented by the deadline of July 2024.
The challenge for organisations within the financial services space is not only to be ready by this date with reported outcomes, but to continually improve and evidence this in their annual board report.
The FCA have stated that Consumer Duty will remain a top priority and have committed to act where they identify firms that are delivering poor customer outcomes.
Our Consumer Duty Framework
At miPerform, alongside our customers in financial services, we have developed the capability to address the FCA Consumer Duty outcome expectations. By providing the tools to measure and monitor an end to end customer journey, we can help our clients evidence all elements of their customer service.
Using our customer journey monitoring tools firms can ensure they can evidence outcomes and that these outcomes are continually reviewed and monitored on an ongoing basis.
We have also created bespoke customer remediation workflows that enable any issues identified to be remedied or mitigated.
Example of an End to End Complaints Journey
Our Actions Dashboard gives our clients oversight and visiblity of all customer remediation eg ageing, overdue, outstanding, completed. This can be segmented by type, priority, age etc and can easily be reported on for control and compliance with detailed exports available for analysis.
We’ve already helped our clients to track, understand, improve and ensure compliance of hundreds of thousands of customer journeys. We’re excited to continue working with our partners to help them meet their obligations.
