For Ravenscroft the core principle of the Consumer Duty - focusing on the consumer and good consumer outcomes - aligns with our client-first ethos and our established approach of working closely with our clients to help achieve their financial objectives.
Why is the Consumer Duty being introduced?
The FCA wants to improve the level of protection for consumers who use financial services and products.
What is the Consumer Duty?
Consumer Duty (the ‘Duty’) builds on existing regulations for firms working in this market and goes further in that firms should evidence that they ‘act to deliver good outcomes to retail clients’.
Who is affected by the Consumer Duty?
The scope of Consumer Duty is broad and includes all those involved in; designing and building of products and services, their distribution and communication and ongoing servicing.
When will Consumer Duty take effect?
There are a number of key deadlines for the implementation of Consumer Duty:
How are firms required to show they are implementing the Consumer Duty?
There are four areas relating to consumer outcomes where firms should evidence they are targeting good outcomes for consumers:
As a firm we endeavour to ensure that our clients receive the best possible service from us. To ensure this we have put in place:
A Consumer working group
Client Communication Standards
Communications testing framework
Ensuring our clients receive the right support from us at all stages of their customer journey is part of our commitment to them.
In meeting the Consumer Support outcome, we have reviewed how we support our clients:
In reviewing our customer support, we have also referenced the cross-cutting principles of Consumer Duty; to act in good faith, avoid causing foreseeable harm and enable and support customers.