Related topic: Consumer Duty

Understanding consumer outcomes is about more than collecting data or producing reports, the FCA has reiterated.

Take-up rates are significantly higher when assessments are embedded into key moments in the customer journey.

The Plain Numbers Method focuses on presenting numbers clearly and putting them in an understandable context, better supporting those with low numeracy and dyscalculia.

TFAS says some firms may be uncertain how robust their evidence base is, with the FCA suggesting that there may be governance gaps in many board reports.

Recent reviews by the FCA have highlighted significant weaknesses in board reporting across the sector.

The lifetime mortgage lender has found a rise in activity levels on its online account management platform.

The new tool responds to a persistent challenge across the industry where firms are only identifying a fraction of their vulnerable customers.

The platform captures critical context often lost in traditional one-five scales, ensuring greater visibility of those at-risk.

The FCA warns many financial services firms still need to strengthen their approach to customer support, despite improvements since the introduction of the Consumer Duty.

Sebastian Murphy, group director at JLM Mortgage Services, says if Consumer Duty is to carry more regulatory weight, then it must shape behaviour across the entire mortgage and...