Get compliant for the new Consumer Duty Act

Find out what Consumer Duty is, how it affects your company and how Smart Money People can help

The FCA announced the introduction of a new Consumer Duty in May 2021, which will apply to all companies selling financial products or services to retail customers from 31st July 2023.

Consumer Duty will require companies to act to deliver good outcomes for customers, and has four outcome rules that require companies to ensure:

  • customers receive communications at the right time, that they can understand
  • products and services meet the need of their target customers
  • products and services offer fair value
  • customers are given the support they need

As part of the new Consumer Duty, companies are required to assess and monitor whether they are delivering good outcomes to customers, with additional reporting required for their Board.

How can Smart Money People help you meet your FCA Consumer Duty requirements?

As specialists in financial services consumer insight with over 1 million reviews captured, we can help companies with their Consumer Duty reporting requirements.

We have eight years’ worth of data asking customers whether they felt fairly treated, understood product details and thought products were good value for money. This means we have a wealth of historical data at our disposal to support your company to deliver good outcomes for your customers.

Our service ensures companies are provided with an independent and impartial view of their performance using genuine customer data.

Here are some of the ways we can help you with your Consumer Duty needs.

24/7 data capture

Always-on customer surveys that can capture data on Consumer Duty outcomes throughout the customer’s interaction with a company as part of our standard review process

Historical data

Offer access to up to eight years of historical data on key customer satisfaction and consumer duty outcomes for key financial sectors and products

Capture key moments

Consumer Duty specific data collection at key moments of truth in the customer lifecycle such as purchase, renewal, or post-interaction with you

Benchmarking

The ability to benchmark your data against your peers on both a product and industry basis

Simple data analysis

Provide outputs as an always-on dashboard for you to access data at any time

Data consulting

Consultative approach if required to advise on best practice for reporting and data collection

Speak to us about Consumer Duty

To find out how we can support your Consumer Duty requirements, book an exploratory call with us so that we can better understand your needs.

Why choose Smart Money People for your Consumer Duty requirements?

  • We’re specialists in customer insight for financial services and have been collecting customer insight on financial companies since 2014 and are experts in our field, with over 1 million customer reviews
  • We provide an independent and impartial source of data to support your reporting requirements for Consumer Duty
  • Our products are flexible, allowing you to tailor your report content and frequency to meet your internal and external reporting deadlines and ensuring that you’ve always got access to the most up-to-date view of your firm’s performance
  • It’s easy to implement our insight solution, and we’ll support you every step of the way
  • Not only will you have access to specific data to support your Consumer Duty reporting requirements, we’ll also provide you with peer comparisons and more in-depth customer insight based on their feedback
  • We’re not here to just help you get to the 31st July 2023, we will work with you on an ongoing basis to report on your Consumer Duty needs and more
  • You’ll also get access to our Pro plan, allowing you to listen and reply to all the reviews we capture for you. Our research has found 84%* of consumers trust reviews from other customers, and being visible by responding to reviews helps to improve your customer perception

*Smart Money People research, October 2022.

Key timings for the new Consumer Duty

30th April 2023

Companies should have done all the necessary reviews to meet the four outcome rules and shared with distributors

31st July 2023

The Consumer Duty will apply to all new products and services, and all existing products and services that remain on sale or open for renewal

31st July 2024

The Consumer Duty will apply to all closed products and services

Ready to take the next step?

You can read the full FCA Consumer Duty rules and guidance on their website or book a call with us today to find out how we can support your Consumer Duty requirements.

Book a call