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.
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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.”
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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.”
