‘Dear CEO’ letter: The FCA highlights gaps in Consumer Duty Implementation plans
The FCA has sent its ‘Dear CEO’ letters to 8 sectors in the financial services industry, providing guidance on how to effectively implement and embed the Duty. The letter outlines four key components: A reminder of the implementation timeline and key elements of the Duty. Expectations for firms to embed the Duty, with examples […]
Aveni’s 2022 Consumer Duty Resources
As the year comes to an end, it’s a good time to reflect on the events of the past 12 months, both the good and the not-so-good. For both the Financial Services industry and Aveni, it’s been a year of growth and resilience, with Consumer Duty as a key focus of our journey. We’ve been […]
CRO Consumer Duty survey findings: Consumer Outcomes not prioritised?
We conducted a consumer duty survey to fully understand the preparedness of CRO and Senior Risk and Compliance Executives for the Consumer Duty, what activities they are prioritising to meet tightening regulations and ensure good customer outcomes, and the key challenges they are facing. 67% of CROs say less than 20% of the board or executive […]
CRO Consumer Duty survey findings: Customers at the heart of your business? Now is the time to prove it.
We surveyed +80 Senior Compliance and Risk Officers from across the UK’s Financial Services sector to find out their top priorities and investment plans for Consumer Duty and how they’ll meet the tightening data-driven expectations of the FCA. See full results here. Survey says 3 out of 4 (67%) financial services executives do not […]
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 […]
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
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
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 […]