Insight - bethebrand and its Clients in Good Shape for the new Consumer Duty

21 Mar 2023

With the FCA deadline set for the new Consumer Duty for 31 July 2023, bethebrand conducted a survey amongst its clients to understand:

Firms' state of preparedness for the changes required;
Observations on how firms were needing to adapt or create marketing assets;
bethebrand system changes that might be envisaged by the operational and compliance procedures and systems that were anticipated.

The survey showed that firms are in good shape for the deadline. The change projects being undertaken are sophisticated. However, firms' project teams and the bethebrand system's capabilities are both ahead of the Consumer Duty curve.

The survey's main findings showed:

Firms currently immersed within their consumer Duty change projects, indicating a high degree of proactivity and commitment to the new Consumer Duty;
A significant, but manageable, incidence of the new Consumer Duty changing the complexity of the portfolio of marketing assets, forms and letters needing to be managed;
A fair incidence of new marketing assets needing to be created;
Brand and content rules needing moderate change, indicating a good degree of sophistication and relevance within current rules;
Where brand and content rules needed changing there was a predominance of reading age, plain English and tone of voice as drivers, indicating that care is being taken to ensure understanding and comprehension by different customer segments;
The incidence of new or changed workflow requirements being relatively low, indicating fit for purpose/readiness within both firm's internal systems and the bethebrand system;
A significant incidence of proof reading and checking being a manual process undertaken by qualified staff members, indicating a clear need for technology disruption
A noted requirement to increase consumer testing and to maintain an audit trail of test outcomes.

How Can We Help You?

If you would like to see the survey findings in more detail or if there is an aspect of your Consumer Duty change project that we can help with, please do not hesitate in contacting me directly

Kind regards

Adam Hainsworth
Chief Executive

Discover more CommsBuilder

5 Essential DAM Capabilities for Managing Regulated Content Effectively

Creating and managing marketing assets in a regulated environment presents a unique set ofchallenges. The expectations of what marketing should deliver remain unchanged, but the processes needed to get content approved are often convoluted, resource intensive and slow.

CommsBuilder

Automate the creation of on-brand marketing assets without design expertise

30 May 2024

Managing Asset Expiration in Financial Promotions

Without a financial services-specific Digital Asset Management solution, institutions are left relying on manual processes and human effort to track expiration dates. It becomes a risky game of "who's got the spreadsheet?" and "did anyone update that file?", exposing them to significant risk of using outdated compliance assets.

08 Aug 2024

Mastering Brand Guideline Management in Financial Services

Every brand is a story, and how you tell that story matters. Brand guideline management is the process of ensuring your story is told consistently, with clarity and impact, across every marketing and communication channel. These guidelines are your brand's blueprint, defining how it should look and sound. They ensure that everyone, from your internal team to external partners, understands your brand's identity and messaging.

09 Aug 2021

The Inherent Costs of an Inhouse DAM

Have you ever seen any of those TV programmes where famous chefs try to recreate much loved confectionary? The branded bar of chocolate that has been loved for generations is deconstructed, the recipe identified as best as it possibly can be and recreated? Each time, no matter how good the chef, it’s not quite the same. The team that has devoted its working life to that much loved chocolate bar wins every time.

Be The Brand Experience Limited, registered in England and Wales
Company number 04177329
VAT Number GB799224872
Head Office: Unit 5 Culford House, 1-7 Orsman Road, London, N1 5RA
Copyright © 2025 Be The Brand Experience Limited.