The FCA emphasises the importance of recording customer calls to meet Consumer Duty requirements
In the FCA’s recent Consumer Duty Retail Lending webinar, Jonathan Phelan, Head of Department, Consumer Finance at the FCA urged firms to record customer interactions as a critical step in being able to monitor and evidence customer understanding – a key part of the Consumer Duty measures. He explains, “…I’d put the next one […]
5 crucial areas to improve to be Consumer Duty compliant
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 […]
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 […]
7 critical actions to take from the FCA’s Consumer Duty Consultation and how speech analytics can help
Financial Service firms need to rely on more than just human resources to implement the new FCA’s Customer Duty of Care rules and guidelines by April 2023. Deloitte recommended the following critical actions, and we addressed how speech analytics can be used to achieve each of them: 1. Compliance and consistency throughout the distribution […]
How Your Business Can Prepare for the FCA’s New Consumer Duty Proposals
If you’re struggling to understand how to show regulators that your business is compliant following the FCA’s recent Consumer Duty proposals, you’re absolutely not the only one. Aimed at bringing in a higher standard of consumer protection in retail financial markets, the proposals are considered one of the biggest shake-ups in the industry’s responsibility […]
How speech analytics will help organisations meet FCA new consumer duty of care responsibilities
In May 2021, the Financial Conduct Authority released a consultation paper on the new Consumer Duty in an effort to “set higher expectations for the standard of care that firms provide to consumers.” In reality this means protecting customers in four specific areas: Information provided to customers to enable them to make informed decisions. Fair […]
8 ways NLP can help to deal with a vulnerable customer
In this digital age, technology is making our lives easier in many ways, from asking Alexa to add milk to your shopping list, Netflix suggesting a new show it thinks you’ll love and even self-driving cars. Technology in the workplace has made employees more productive than ever before by streamlining tedious processes, making working from […]
Customer Vulnerability and the Utilities Industry 2021
In this blog, we take a look at customer vulnerability in the Utility Industry 2021. We give insight into the current landscape, what the challenges are and where we see things heading in the next few months… According to Energy UK, around £13 billion is invested every year to deliver power and energy to […]
8 ways we’ve embedded the FCA’s guidance on the fair treatment of vulnerable customers into our voice automation platform
The FCA recently released its final guidance for firms on the fair treatment of vulnerable customers. Whilst this guidance has been widely welcomed as a long overdue step in the right direction to better identify, protect and serve all customers, in particular, the most vulnerable within our society, it has got the Financial Services (FS) […]