Consumer Duty Policy
UK Consumer Duty regulations
Putting data at the heart of customer-centricity to:
Act in good faith
Avoid causing foreseeable harm
Enable customers’ to achieve financial objectives
- Communications to make effective decisions
- Suitable products and services to meet needs
- Good quality support and after-sales care
- Transparent pricing and value for money
From product outcomes to customer outcomes.
Meeting the Consumer Duty Challenge
Appropriate propositions
Suitability monitoring
Personalisation and service
Consumer Duty compliance
Enabled by Acumen's Open Finance Platform
Income & Transactions Categorisations | Personalised Content | Smart Nudges | Data Lake & Data Explorer | Auto Fact Find | Suitability Dashboard | Vulnerability Dashboard | Eligibility Dashboard | Affordability Dashboard | Pensions Dashboard | Variable Recurring Payments (VRP) | Modelers | |
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3 cross cutting rules | ||||||||||||
FORESEEABLE HARM | ||||||||||||
Good faith | ||||||||||||
Enable & support | ||||||||||||
4 customer outcomes | ||||||||||||
MONITORING OUTCOMES | ||||||||||||
Product & service | ||||||||||||
Price & value | ||||||||||||
Consumer understanding | ||||||||||||
Consumer support |