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

Post Office future secured as council explores new options Abington Street Post Office

Post Office future secured as council explores new options

17 Sep 2025

2

Airframe Designs supports new defence strategy with pledge to nurture talent Jerrod Hartley

Airframe Designs supports new defence strategy with pledge to nurture talent

17 Sep 2025

3

Fox Group makes second acquisition since Stellex Capital backing Roger Thistlethwaite, managing director NMS Civil Engineering Limited. Paul Fox, CEO Fox Group. John Flood, Executive Director Fox Group

Fox Group makes second acquisition since Stellex Capital backing

17 Sep 2025

4

Villa at Wrea Green bought for £3.6m by Haythornthwaite family The Villa Wrea Green courtesy of The Villa Wrea Green

Villa at Wrea Green bought for £3.6m by Haythornthwaite family

16 Sep 2025

5

Fourth Lancashire Bodycare store to shut Nick Holloway of administrators Interpath

Fourth Lancashire Bodycare store to shut

16 Sep 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
Sub36 Networking - Follow the signs
Sub36 Deaf Village Social1200
Networking
17 Sep 2025

Sub36 Networking - Follow the signs

The Deaf Village, Blackburn, BB2 5EN

10:00 - 12:00

LBV124 September/October Launch Event
MBP Arc Cinema Preston Opening 205
Networking
18 Sep 2025

LBV124 September/October Launch Event

The Arc Cinema, Preston, PR1 2BL

08:30 - 10:30

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 Business Network Central & East Lancashire
LBV Hub Networking
17 Sep 2025 - 17 Sep 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

Business Breakfast Networking Event
business workshop photo.png.png
LBV Hub Networking
17 Sep 2025 - 17 Sep 2025

Business Breakfast Networking Event

Media Factory, University of Lancashire, Preston, PR1 2HE

08:00 - 10:30

Ladies Lunch
Lancs-cham-logo.jpg.jpg
LBV Hub Networking
18 Sep 2025 - 18 Sep 2025

Ladies Lunch

Lancaster Golf Club, Lancaster, LA2 0AJ

12:00 - 16:00

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation
Chorley Council breakfast event new
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation

Worden Hall, Leyland, PR25 3DH

08:00 - 11:00

Preston Freelancer Meet-Up: September
Sept Freelancer (1).png.png
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Preston Freelancer Meet-Up: September

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Speed Networking with BNI
2.png.png
LBV Hub Networking
24 Sep 2025 - 24 Sep 2025

Speed Networking with BNI

Chorley Football Club, Chorley, PR7 3DU

16:00 - 19:00

The Marketing Meetup IRL: Lancashire - September
TMM Lancashire
LBV Hub Networking
25 Sep 2025 - 25 Sep 2025

The Marketing Meetup IRL: Lancashire - September

Chorley, PR7 2SL

18:00 - 20:00

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 LBV124 Online Graphic
Subscribe now

Weekly news bulletin