Taking Consumer Duty from theory to practice: answering the top ten FAQs for banks

In the run up to MoneyLIVE Summit, we’ve partnered with the London Institute of Banking and Finance to explore how banks should be approaching Consumer Duty now the deadline for compliance has passed. From breaking down the FCA’s ten key questions for firms, to ensuring Consumer Duty efforts are effective across all customer bases, we spoke to two industry experts to unpack the top priorities for financial institutions.

• Meeting the needs of the target customer: how can banks ensure that products perform as expected?
• Keeping the vulnerable customer in view: what are the risks to identify, and how can they be consistently monitored?
• What are the characteristics of vulnerability and how can banks identify the customers most in need?
• Acting on fair value assessments: how can fair value assessments be conducted effectively, and how can banks turn their findings into tangible ‘good customer outcomes’?
• Ongoing evaluation: what does this mean in the context of data and MI monitoring of fair value?
• How can banks ensure communication is clear, fair and not misleading? How can banks test communication effectiveness and act on results?
• Effective communication with vulnerable customers: what are the key considerations?
• Sustaining support beyond the sale: what are customers expecting from banks post-sale, and how does this differ from pre-sale?
• Empowering employees through education: how can banks ensure every individual is informed of their responsibilities?
• How can banks effectively evaluate their ability to deliver good outcomes to customers and put appropriate mitigants in place for risks identified?

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