CONSUMER DUTY.
ENSURING CONSUMER PROTECTION.
The Financial Conduct Authority (FCA)has introduced the most significant update to its regulatory framework since the Retail Distribution Review in 2013. The Consumer Duty for financial services took effect at the end of July 2023. This change represented a crucial evolution in how firms engaged with customers and designed their offerings.
CONSUMER DUTY EXPLAINED.
The Consumer Duty focuses on ensuring that firms providing financial services prioritise positive outcomes for customers. It requires firms to design products that meet customer needs, ensure clear communication, and provide fair value. The Duty emphasises customer understanding, ongoing support, and fair treatment, building on existing principles like Treating Customers Fairly (TCF). Its goal is to foster transparency, trust, and better customer experiences across the industry.
PUTTING CUSTOMERS FIRST.
GardX focus on getting things right by always putting good customer outcomes at the centre of their business and focusing on the diverse needs of their customers at every stage of the journey.
This means that customers can make good financial decisions, based on getting the information they need at the right time and in a way that is understandable.
The Consumer Duty ensures that products and services improve for the end user and that products provide better value as a result.
key initiatives.
At GardX, we are committed to continually enhancing customer outcomes and providing exceptional service and value. We consistently implement initiatives that focus on improving the customer experience, including:
– A Consumer Duty Committee formed that meet monthly
– Customer journey reviews carried out for all products annually
– Annual Product, Pricing and Policy Wording Review
– Introduction of the Online Customer Care Portal
– New Tele-Communication Platform Launched
– Customer Communications Updated
– Additional Training for staff, including support for Vulnerable Customers
– Improved Success Measure Reporting including Vulnerable Customers outcomes
– Quality Audits Framework Review
VULNERABLE CUSTOMERS.
Customer understanding has long been a priority for our business. We strive to ensure that all our documentation is clear and understandable, providing information in an effective and timely manner to empower customers to make informed decisions. It’s essential that customers receive the right information at the right time to support their decision-making process.
In terms of customer support, we are committed to removing any barriers that may impact how our customers interact with our business. We offer multiple access points, including email, a monitored telephone service, and a customer care portal. Our goal is to maintain a responsive and accessible customer support system that allows customers to easily obtain help and advice while ensuring that all their expectations are met, especially for those who may be vulnerable.
We continuously review the customer journey across all our products to ensure it remains smooth and efficient. Our commitment to setting high standards and prioritising customer needs is central to our strategy. This focus is increasingly important as customers face various pressures, including those related to the cost of living, making it vital for them to make informed choices that align with their financial objectives.
In summary, we are dedicated to ensuring that our products and services meet high standards and deliver fair value. GardX consistently considers the needs, characteristics, and goals of all our customers, including those who may be vulnerable, at every stage of the customer journey.
“Compliance is not simply about following rules; it’s about fostering a culture where putting the customer first is at the core of everything we do. Our approach to the Consumer Duty ensures that doing the right thing for our customers is not just a requirement but a fundamental part of our daily operations, guiding every decision we make. With a focus on fair treatment, clear communication, and ensuring that products and services meet the needs of our customers, especially the vulnerable, we are committed to delivering the best outcomes for those we serve.”
David Sharman – Quality & Compliance Manager
It's our culture.
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