Research firm, Toluna, in collaboration with multiple key industry players including Legal & General and Phoenix, has formed the Consumer Duty Consortium to develop a gold standard response to meeting the requirements of the new Consumer Duty regulation. This regulation comes into effect at the end of July, and any consumer-facing provider within the financial services sector must ensure that their products and services meet customer needs, offer fair value, provide helpful customer support and communications that are understandable.
Speaking about the challenges of the new regulation, Michael Worledge, Head of FS Research at Harris Interactive & Toluna commented: “The looming deadline is a significant challenge for providers, but the specifics of what needs to be addressed by that date are the more stringent challenge. The Consumer Duty Consortium offers a syndicated insights approach to addressing the Consumer Understanding outcome through robust consumer testing, with the additional benefit of industry benchmarking.”
Charlotte May, Group Head of Customer Research, Legal & General, one of the founding members of the Consumer Duty Consortium, added, “It’s a shared challenge, with a short timeframe; it makes sense to collaborate. The Consortium has leveraged collective experience to deliver at pace, a best-practice, high-volume approach, at a feasible cost. More importantly, our customer-led approach to design is aligned with the sentiment of the Duty. I’m excited about how the outputs will help enhance our customers’ experiences.”