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 […]
Why a ‘Machine Line of Defence’ is critical to meeting the FCA’s Consumer Duty
The FCA is constantly reminding lenders of the standards of the consumer duty of care as the cost of living keeps rising. Over the past six months, the rising cost of living has rarely been out of the headlines. As a result, many households have found it almost impossible to keep up with their monthly bills, […]
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 […]
Aveni secures £2.75M investment to expand AI platform
We’re excited to share, that we’ve secured an investment of £2.75 million to deliver the expansion of our Aveni Detect platform to the financial services and utility markets across the UK. The ground-breaking conversational intelligence technology is set to lead the way in a new era of speech automation for regulated industries. Our platform, […]
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 […]
The big fat Aveni reunion!
Working remotely comes with so many positives, but sometimes, you need a change from working by yourself all day and having such easy access to the fridge and all the calories that lie within. At Aveni, we’re spread across the UK and are currently remote-first, so we plan an Aveni get-together every few months to […]
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 […]
Why Board Members Should Prepare for the Consumer Duty Changes
The FCA’s new Consumer Duty of Care proposals have been causing a bit of controversy since they were first announced in December last year. Although the aim is to help provide a higher standard of service for customers, which is absolutely something we should be aiming for, the short deadline and lack of clarity around […]
Ramadan Diaries with Hayfa Bukhari
In this blog, I explain what Ramadan means to me and what a typical day looks like during this time. I’ve written this blog before Ramdan starts so it gives you an idea of how my routine changes during this time and how you can also support colleagues in your teams that may be observing […]
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 […]
