Is Consumer Duty just another TCF thing?

As the industry and analysts continue to pick apart the FCA’s final guidance on Consumer Duty, there are some skeptics wondering whether the new rules genuinely mark a shift in the regulator’s approach to customer outcomes or whether it’s just their Treating Customers Fairly (TCF) mandate in disguise.    Weighing in on the debate is […]

5 technologies to help firms comply with Consumer Duty

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The Consumer Duty final guidance comes with big requirements for evidence. Firms will need to deploy advanced data-driven technology solutions to meet the regulator’s data-focused demands, ultimately adapting their approach and processes in order to comply.   As well as regulatory compliance, applying the right technology has the additional benefit of making business processes more […]

Aveni Detect platform to revolutionise approach to Risk Assurance as Consumer Duty rules launched

We’re helping financial services firms meet new Consumer Duty regulations with our game-changing Aveni Detect product. Our AI platform uses the latest advances in Natural Language Processing (NLP) to monitor every customer interaction to produce data-led evidence of compliance with new Financial Conduct Authority (FCA) legislation.   Developed as a ‘Machine Line of Defence,’ Aveni […]

5 crucial areas to improve to be Consumer Duty compliant

A woman sitting cross-legged thinking about her credit score which an indicator shows to be poor

With the cost of living crisis pushing more and more people into financial vulnerability, the FCA is putting renewed pressure on lenders to provide the best possible service and support for their customers. Their recent ‘Dear CEO’ letter written to over 3,500 lenders urged financial institutions to act now and provide the necessary help to […]

How Consumer Duty has made Speech Analytics Essential

Speech analytics has been commonly used for a number of years, evolving from a novelty add-on to a powerful solution for businesses to improve their processes. With the Financial Conduct Authority’s Consumer Duty of Care proposal, speech analytics has gone from being a nice-to-have to a necessity that firms must adopt to meet requirements or […]

Forging a fairer way forward after the FCA’s ‘Dear CEO’ letter to Retail Lenders

The rising cost of living has led to lending firms facing an increasing number of vulnerable customers, as more borrowers struggle with their personal finance. Consumers are experiencing growing financial pressure leading to a rise in debt and fuel poverty. According to the Office of National Statistics, 88% of adults in Great Britain reported their […]

5 ways financial firms can improve consumer understanding

Ensuring consumers are provided with the information they need, in a way they understand to make informed decisions about financial products and services is no longer optional. The FCA has made this clear in their Customer Duty of Care Proposals (CDC).  Financial services providers have a serious responsibility to improve consumer understanding that they don’t […]

How firms can apply Consumer Duty to Existing Services

It’s no longer news that the FCA announced the new Consumer Duty of Care (CDC) proposal to help provide a higher standard of service and fairer outcomes for customers. While it may be easier for advice firms to make new services compliant with the regulations, there’s still a question mark over existing services. Does the […]