Tech helps to meet FCA Consumer Duty standards

By Santé Group

05 Dec 2023

Website
Untitled design (1).png.png

Consumer Duty is a significant regulatory shift, with many firms working continuously to ensure that they meet the new higher standards.

A recent FCA firm survey found most firms believe they are on course and/or meet the implementation of the Duty. However, some still fall short even though the deadline has passed.

The FCA issued a range of questions prior to the launch on 31st July, and it is advised to revisit these 10 questions to help gain confidence when meeting Duty regulations. If there are concerns that the firm is falling short on those questions, it could be related to consumer communication and reporting. Technology could be the answer and key for helping navigate through Consumer Duty.

WHY?

Consumer Duty is centred towards advisors monitoring and documenting client interactions so there is clear evidence of demonstrated compliance ensuring good consumer outcomes. There is further focus on the advisors recognising and understanding which customers are vulnerable – or at risk of becoming vulnerable.

Therefore, the quantitative data requested through surveys, questionnaires and complaints for example are no longer as sufficient as they once were. There is a need for the addition of strong qualitative data that can only be captured via a substantial Customer Relationship Management system (CRM).

HOW TECH CAN HELP

Consumer Duty regulations require a whole new level of customer communication and are predominantly outcome-focused. Outcomes tend to only arise after, so documenting clearly and effectively is vital when demonstrating steps throughout the client-adviser relationship.

Technology comes into its element here as a solid CRM can sit at the heart of most firms and navigate compliance efforts. CRMs can provide the data required by the FCA via dashboards and documents in a sufficient quality manner with important insights and proof of remediations/action points. Furthermore, and most importantly, CRMs can automate workflows to allow advisors to focus on what matters – consumer outcomes.

CONCLUSION

As we navigate the evolving landscape of financial regulations, the FCA’s Consumer Duty standards represent a fundamental transformation in the way consumer interactions and accountability are handled within the industry. The need for a comprehensive solution becomes paramount. ArchAngel Software, with its cutting-edge Customer Relationship Management (CRM) system, emerges as the guiding light for PMI brokers and financial firms.

Consumer Duty places a significant emphasis on advisors’ abilities to communicate effectively with their clients, ensuring clear understanding and demonstrating compliance for good consumer outcomes. It’s a complex task that goes beyond traditional data collection methods. ArchAngel’s software takes this challenge in its stride. It not only simplifies data storage and automates vital processes but also enables the user to log vulnerable clients. This is a crucial aspect of the duty, considering the emphasis on consumer well-being and protection.

What sets ArchAngel apart is its proactive approach. By empowering advisors to proactively support clients in pursuing their financial objectives and by helping firms implement robust processes and procedures to avoid potential harm, the software demonstrates a commitment to regulatory compliance and more importantly, to the welfare of clients.

ArchAngel gives the user the ability to provide the FCA with the data they need competently and effortlessly, supported by valuable insights and clear evidence of remediation efforts. It bridges the gap between regulatory compliance and exceptional client outcomes, offering a streamlined, efficient, and transparent way for advisors to focus on what truly matters – the well-being and success of their clients.

In the era of Consumer Duty, firms need to show that they are being proactive and not just meeting regulation requirements but looking to exceed them, ultimately delivering a higher level of care and satisfaction to clients.

Enjoyed this? Read more from Santé Group

Latest news

1

Beever and Struthers advise on £1.5bn funding for 2,000 new social homes a year John Jones

Beever and Struthers advise on £1.5bn funding for 2,000 new social homes a year

03 Jul 2025

2

Airframe Designs aligns with US programme for additive manufacturing growth Additive manufacturing technology unit At Airframe Designs

Airframe Designs aligns with US programme for additive manufacturing growth

03 Jul 2025

3

Panache Cruises on course for further growth with support from Rosebud James Cole

Panache Cruises on course for further growth with support from Rosebud

03 Jul 2025

4

Lancashire emerges as key player in UK's Defence and Tech Sector Mo Isap Chair Of The Lancashire Business Board Nick Miles National Cyber Force Deputy Director For Samlesbury Annette Weekes Representative Of The NWRDSC

Lancashire emerges as key player in UK's Defence and Tech Sector

03 Jul 2025

5

Report shows impact of BAE Systems in Lancashire BAE Systems Radar

Report shows impact of BAE Systems in Lancashire

02 Jul 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV123 July/August Launch Event
Lancashire Business View magazine launch
Networking
16 Jul 2025

LBV123 July/August Launch Event

Burnley

08:30 - 10:30

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

The Marketing Metrics that Matter – July 4
LBV Hub Seminars
04 Jul 2025 - 04 Jul 2025

The Marketing Metrics that Matter – July 4

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

08:30 - 11:00

Tri-Site Survey Equipment Showcase
unnamed (2).jpg.jpg
LBV Hub Seminars
09 Jul 2025 - 09 Jul 2025

Tri-Site Survey Equipment Showcase

Crow Wood Hotel, Burnley, BB12 0RT

09:30 - 16:00

Blackburn Cathedral hosts Champagne and Diamonds Event with Ainsworth Jewellers
Champagne-Jewellery 10 07 25_page-0001.jpg.jpg
LBV Hub Awards
10 Jul 2025 - 10 Jul 2025

Blackburn Cathedral hosts Champagne and Diamonds Event with Ainsworth Jewellers

Blackburn Cathedral, Blackburn, BB1 5AA

18:00 - 20:30

Choose Chorley for Business - Talent Reimagined Business Breakfast
talentreimaginedbb.png.png
LBV Hub Seminars
10 Jul 2025 - 10 Jul 2025

Choose Chorley for Business - Talent Reimagined Business Breakfast

Strawberry Fields Digital Hub, Chorley, PR71PS

08:00 - 10:30

Shaping Preston's future by remembering its past
1750160034867.png.png
LBV Hub Networking
16 Jul 2025 - 16 Jul 2025

Shaping Preston's future by remembering its past

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 20:30

Chamber Summer BBQ
LBV Hub Social
17 Jul 2025 - 17 Jul 2025

Chamber Summer BBQ

The Borough, Dalton Square, Lancaster, LA1 1PP

17:30 - 20:00

Preston Tech Connection: Web3 is Dead. Or is It?
July Longer Banner.jpg.jpg
LBV Hub Networking
29 Jul 2025 - 29 Jul 2025

Preston Tech Connection: Web3 is Dead. Or is It?

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Preston Freelancer Meet-Up: July
Longer July Banner.jpg.jpg
LBV Hub Networking
31 Jul 2025 - 31 Jul 2025

Preston Freelancer Meet-Up: July

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV122 Online Graphic
Subscribe now

Weekly news bulletin