What is consumer duty and how does Skyjed help?
by Alex Wade
In my experience, all companies should have their customers at the heart of what they do – they are the lifeblood of any business and who we are all here to serve. "Consumer duty" refers to the obligation of financial services firms to act in the best interests of their customers. It encompasses the responsibility to prioritise consumer welfare, provide suitable products and services, ensure transparency, and uphold fair treatment principles. In essence, it requires that firms consider the impact of their decisions and actions on consumers' financial well-being.
How does Skyjed Helps an organisation with Consumer Duty:
- Product Suitability and Monitoring: Skyjed helps financial services firms ensure that products are suitable for their target market and meet consumer needs. It facilitates the monitoring of product features, performance metrics, and customer feedback to assess whether products align with consumer expectations and deliver value.
- Transparency and Disclosure: Skyjed supports transparency by maintaining clear documentation of product terms, fees, risks, and benefits. It enables firms to communicate effectively with consumers about product features, terms of use, and potential implications, fostering trust and informed decision-making.
- Compliance and Regulatory Alignment: Skyjed assists firms in staying compliant with regulatory requirements related to consumer protection. It monitors regulatory updates, facilitates compliance checks, and ensures that products adhere to consumer protection laws and industry standards throughout their lifecycle.
- Customer Feedback Integration: Skyjed captures and integrates customer feedback into product management processes. It helps firms understand consumer preferences, concerns, and satisfaction levels, enabling them to improve products and services to better meet consumer needs.
- Risk Management and Mitigation: Skyjed supports firms in identifying and mitigating risks that could impact consumer welfare. It facilitates risk assessments, monitors risk exposure, and helps firms implement measures to protect consumers from potential harms associated with financial products.
- Continuous Improvement: Skyjed promotes a culture of continuous improvement in consumer duty practices. It facilitates ongoing reviews, evaluations, and refinements to product strategies based on performance insights, regulatory changes, and customer feedback, ensuring that consumer interests remain a priority.
We are Skyjed, help financial services firms fulfil their consumer duty obligations by enhancing product suitability, promoting transparency, ensuring compliance with regulations, integrating customer feedback, managing risks, and driving continuous improvement in consumer protection practices.
Watch this 1 minute Video Explainer.
By leveraging Skyjed’s capabilities, firms can strengthen consumer trust, mitigate risks, and demonstrate commitment to consumer welfare in a competitive marketplace to drive the best outcome for all parties.