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Consumer Duty Clock Ticking: Get Your Data Ready Now!

2 min read

Feel like the first Consumer Duty board report deadline is creeping up on you too quickly? Don’t panic. Here are some quick and easy steps financial advice firms can take to gather data and insights for their Consumer Duty report by the end of July:

  • Review Existing Data: Look at client complaints data to identify any recurring issues related to fees or service delivery. This can highlight areas where communication or value perception needs improvement. Even better, if you’ve been recording meetings, check for expressions of dissatisfaction. A huge proportion of complaints never make it through the official complaints channel to monitoring dissatisfaction before it escalates and analysing them for root cause can be a powerful proactive action firms can take.

 

  • Internal Review: Conduct a quick internal audit of your sales and client onboarding processes. Ensure these processes clearly explain the services offered, associated fees, and expected value for clients.

 

  • Mystery Shopping: Consider a small-scale mystery shopping exercise. Have “mystery clients” inquire about your services to assess how well your staff articulate fees and service value.

 

  • Focus Groups: Organise small, focused group discussions with clients from different segments (e.g., high-net-worth, first-time investors). This can provide valuable qualitative feedback on client perceptions of value and pricing.

 

  • Social Listening: Monitor social media platforms for mentions of your firm and industry trends related to financial advice fees. This can give you insights into broader client sentiment.

One of the biggest things you can do straight off the bat is start recording customer communications. You’ll then have a clear evidence trail of what was said and sold to customers as well as indications of customer understanding of products and services.

The key is to gather data that demonstrates your commitment to fair pricing and delivering good customer outcomes. By taking these quick steps, you’ll be well on your way to a strong Consumer Duty report for the FCA.

Come and speak to us if you want to automate Consumer Duty KPI monitoring at scale for your business because, well, it’s what we do! hello@aveni.ai

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