Why should you carry out a Consumer Duty Assessment?
Many businesses find it challenging to show that their Consumer Duty framework is delivering the required outcomes.
Cosegic’s Consumer Duty assessment provides a straight forward, objective view of how well your organisation is performing. It identifies areas for improvement and sets out clear, practical steps to strengthen your approach, enabling you to:
- identify and rectify areas of non-compliance to prevent customer harm
- avoid regulatory censure or penalties
- better prepare your next Consumer Duty Board Report using the outputs of the assessment as evidence of monitoring
What's included in the Assessment
The Consumer Duty Assessment provides a detailed review of your organisation's approach across the key outcomes, including:
- Whether your target markets and distribution channels are adequately defined
- Evaluating your approach to assessing fair value
- Assessing whether your customer communication processes focus on the FCA’s requirements of fair, clear and not misleading
- Assessing how your firm ensures that the service and support it provides to customers meets their needs and is operating effectively
- Examining how vulnerable customers are identified and accommodated so that they are not disadvantaged
- Assessing whether processes for overseeing third parties are established and regularly reviewed
- Reviewing the flow of information between distributors and manufacturers
- Evaluating the governance structure that you have in place to oversee adherence to Consumer Duty
Why firms choose Cosegic
Cosegic is one of the UK’s leading compliance consultancies, trusted by over 800 firms across the financial services sector. What sets us apart is the depth of our expertise, the clarity of our advice and the practical way we help firms embed Consumer Duty.
With Cosegic, you gain a partner who balances regulatory expectations with commercial reality, helping you strengthen governance and deliver better outcomes for your customers.
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Additional Consumer Duty services
We have a wide range of support tools available such as providing general guidance and advice as well as specific policies, procedures and templates and online and face-to-face training.
Find out more Download consumer duty brochure
