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PIMFA Weekly News Bulletin PRESS RELEASES
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CONSUMER DUTY
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PIMFA WEEKLY NEWS BULLETIN 26 June 2023
CONSUMER DUTY CORNER One of the main challenges of the consumer duty is ensuring you have the right data/MI to evidence and monitor customer outcomes. The FCA can only view the extent of your compliance through the documentation you provide, so it is all about showing how and why you have reached decisions and also demonstrating that you are meeting the 4 outcomes and evidencing and monitoring those outcomes. There are three components from a systems and processes perspective: •
obtain the data you need to assess whether the outcomes your customers are experiencing are consistent with your obligations under the consumer duty.
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assess and analyse this data, to determine whether customers are not getting good outcomes, and any incidence of customer harm.
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remediation of any instances of customer harm identified through monitoring and testing; prevent such harm occurring in the future.
In any data strategy, you need to ensure that you gain engagement at Board level. In order to do this, you need to engage the Board throughout the process, provide regular progress updates and seek input on key issues.