“(Consumer Duty) sets higher and clearer standards of consumer protection across financial services, and requires firms to put their customers' needs first.”
The new rules for Consumer Duty come into force soon (31 July). Our recent research shows that many firms are progressing well in meeting the deadline.
However, if you are experiencing challenges within your Consumer Duty change project, a bethebrand system can help:
- Consumer Duty assets can have the same lifecycle management and control as Financial Promotions;
- Easily identify impacted assets;
- Obtain early notification of testing requirements;
- Manage the testing process and outcomes;
- Manage the lifecycle of test results;
- Create Consumer Duty reporting / MI provision specifically designed for your business;
- Create a complete audit trail of in scope content management.
Here are some of the key considerations in looking at how your bethebrand system can support your Consumer Duty change project:
- Are there any assets which need to be brought into lifecycle management, have a stricter control environment and / or a controlled frequency of review e.g. customer communications / letters, etc.?
- Can you utilise your existing Financial Promotions workflow(s) for your Consumer Duty tasks, or is a new Consumer Duty specific workflow required?
- Do you require any specific changes to be made to your asset data to support Consumer Duty?
- Is a checklist in existence / needed to support Consumer Duty? (Checklists / questions can be factored into
- workflow tasks where required.)
- Does testing need managed via a specific testing process?
- Do you want to manage your test results as assets?
- Are there any new reporting requirements?
Possible Configuration Changes to Consider
- Configure asset metadata to record if testing is needed for that asset - contingent logic can ensure only relevant data fields require to be completed.
- New Consumer Duty fields can be added as search filters in the Asset Store, for ease of searching.
- bethebrand can update all required information, for active assets, via a bulk admin exercise.
- Amend timescales for assets moving to red and / or amber status, to allow extra time if testing is required.
- Email prompts sent for Consumer Duty assets / test results as they approach their expiry date.
- Store test results as assets, with full lifecycle management functionalities.
- Test result assets can be linked to the assets they provide testing for.
- bethebrand can configure rules to auto-populate other new (dropdown or toggle) Consumer Duty fields, based on pre-determined matrix supplied by the client.
Reports / MI
- Customised reports can be created at asset and / or workflow level for Consumer Duty assets and / or test results e.g.
- Asset level report to enable easy visibility and tracking of Consumer Duty testing data.
- Workflow level report to enable monitoring of Consumer Duty workflows and tasks, including data from forms and checklists.
- Inclusion of a Consumer Duty checklist / confirmation question / check-box e.g. “I confirm Consumer Duty testing is available / attached for this asset.”
- Inclusion of test results within workflows.
- Addition of tasks and / or forms to existing workflows - prompting and enabling testing to be briefed and results to be checked / uploaded as verification for the asset in question. Test results would then be part of the workflow for the relevant asset(s) for audit purposes.
- Forms can be multi-tab to cater for multi-asset workflows, where assets have different testing requirements.
- New workflow to manage the Consumer Duty testing process, and the briefing of it (either initially, or for re-
- Auto-generate a mini workflow to manage Consumer Duty testing tasks.
- Create a new workflow to manage quality / spot checking / sampling of Consumer Duty test results.
- Include links at relevant stages to download documents to inform or guide users regarding process, best practice, etc.
- Review, approval and communication of test results, if required.
- Uploading of test results in a workflow can be optional until the point the workflow is sent for Final Approval, at which point it can become mandatory, ensuring Consumer Duty test results are uploaded for audit purposes.
If you need help, contact us at https://bethebrand.com/contact