Consumer Duty: One year on in compliance

Lucy McCormick

By Lucy McCormick
29 May 2024


2 min read

Contents

In this must-listen Insights & Impact podcast episode, we dig into the impact of Consumer Duty on compliance leaders. With the one-year anniversary of the last Consumer Duty deadline approaching, and another deadline looming, we dive into what best practice looks like, the specific challenges facing compliance leaders, and offer up some practical guidance on how to overcome them.

This episode features our Insights & Intelligence Team Lead and compliance guru, Kelly Seddon along with our host and Head of Growth, Matt McGillicuddy.

So if you're ready to up your compliance game in the Consumer Duty landscape, tune in below!

 

 

Consumer Duty Challenges for compliance leaders

Consumer Duty has been a big deal for compliance leaders, especially those with SMF16 status. While many have a handle on it, scaling implementation is tough and the FCA says many firms are “lagging behind”. Full end-to-end monitoring is key, especially for tricky touchpoints like phone calls. And, going off what the Infinity Hub data is telling us – call volumes are set to exceed 2023 levels, meaning thorough call monitoring processes will be absolutely key – here’s the breakdown:

  • FSI: 23% increase in call volumes, 30% increase in minutes, and a 5% increase in average call length
  • Insurance: 6% increase in call volume, 13% increase in minutes, and a 7% increase in average call length

Best Practices for Compliance

Here are some of the top tips Kelly has to share:

  • Make sure every customer-facing team understands compliance through regular training
  • Record customer feedback and call outcomes to identify product issues and drive changes
  • Boost monitoring to understand every customer interaction all while keeping costs low

The Role of Call Intelligence tools in maintaining compliance standards

Compliance isn’t a one-off task. It’s ongoing, especially with evolving language and varying customer needs. Call intelligence tools help by:

  • Helping you quickly identify breaches and put corrective measures in place
  • Monitoring agent performance in detail to continuously refine training
  • Understanding how to properly identify and handle vulnerable customers
  • Providing evidence of compliance process improvements

Tune in to get the full scoop and equip your compliance teams with the tools to navigate Consumer Duty successfully. Don’t miss out on these actionable tips and expert advice!

 

 

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