‘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?

consumer duty survey

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 […]

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 […]