How Can Firms Evidence Good Outcomes to the FCA?

The Financial Conduct Authority’s new Consumer Duty will require firms to ‘evidence the extent to which and how they are acting to deliver good outcomes.’ What does that mean for your business?

It’s crucial to note that the new Duty is not intended to wrap businesses up in yet more cumbersome paperwork. The FCA wants to work with businesses to ensure that their products and services are making their clients’ worlds better places.

Putting client feedback and feedback-based team performance targets at the heart of your commercial offering is a great way to save time and money here.

“Save time and money with feedback-based performance targets.”

There’s no better way to publicise your firm’s commitment to good outcomes than to create a public record of them online.

Publishing reviews is also a great way to demonstrate that clients fully understood what they were buying – another ‘good outcome’ sought by the FCA.

It’s immensely difficult for someone to give a product or service that they don’t understand a positive write-up. Other ‘good outcomes’ are ‘fair value’ and ‘suitability’. Was your product or service sold for a reasonable price? Did you make the client feel special? Was it the right product for them at that moment?

Again, asking them is an excellent way to find this out.

Once you’ve got a certain number of reviews you can play a leading role in setting service benchmarks for your sector. That will make the FCA enormously happy.

The new regulations imposed by the Consumer Duty don’t have to be cumbersome – if you take the lead first.

This is where an in-built reporting system tailored to the Consumer Duty’s requirements is really helpful. Having 24/7 access to a detailed analytics tool measuring your actions against the Consumer Duty’s criteria allows you to stay on top of all the new rules easily.

Vetted Adviser offers you all of this and more. Experience our growth tools and make compliance more convenient at the touch of a button. Then think of something fun for your team to do with all the time you’ve just saved.