THE CONSUMER DUTY ACTION CHECKLIST - ENSURE FCA COMPLIANCE

Take advantage of our free Consumer Duty checklist to uncover any potential gaps, confirm your compliance, and confidently present evidence to the FCA.

Our free Consumer Duty Checklist has already helped 500+ operations and compliance leaders like yourself.

Why download the Consumer Duty Checklist?

The overall aim of the Consumer Duty is captured in the new Consumer Principle (FCA Principle 12) that reflects the standards the FCA now expects of firms:

A firm must act to deliver good outcomes for retail customers

Under the Consumer Principle, there are three Cross-cutting Rules, that firms should observe throughout their business operations:

  1. Act in good faith towards retail customers.
  2. Avoid causing foreseeable harm to retail customers.
  3. Enable and support retail customers to pursue their financial objectives.
 

What will you find in the Consumer Duty Checklist?

  • The aim of this Checklist is to provide firms with an overview
    of the actions that firms should now take.

  • These actions should be covered in each firm’s
    Implementation Plan and then implemented fully by 31st July 2023 (for new and existing products and services on sale) or 31st July 2024 (for products and services no longer on sale).

 

  • In addition to taking the various actions shown, firms should
    be prepared to demonstrate clearly that these actions have
    been taken.

  • In the Voyc Action Checklist, we highlight a total of 22 different ways in which Voyc can help financial services firms meet the detailed requirements of the new Consumer Duty
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The MI reports that Voyc produces enable firms to deliver detailed proof of Consumer Duty compliance to FCA.

What are the 4 areas of the Implementation Plan where Voyc can help?

Outcome-focused control

By compliance monitoring 100% of your firm’s customer interactions and delivering instant alerts when potential issues arise, Voyc enables financial services firms to maintain a constant focus on delivering the best outcomes for customers.

Testing and development

Voyc can help you implement, measure and evaluate the results of initiatives aimed at delivering good customer outcomes, in a way that fully documents and supports the resultant decision-making.

Building a supportive culture

Voyc provides detailed and unambiguous insight into customer interactions – setting the scene for open and constructive communication and teamwork throughout the customer-facing operations.

Robust evidence where required

The data-based insights and MI reports that Voyc produces enable firms to deliver detailed feedback on customer interactions and the impact these have on all four of the Customer Outcomes underlying the Consumer Duty.

Need Proof?

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Client Case Study: Advantage Finance

  • 100% of customer calls are now automatically monitored, a substantial increase from the previous 1-2% calls manually monitored across collections, support, and sales.
  • The QA team has increased the number of calls on which they provide feedback to agents by over 600%.
  • The need to listen to entire call recordings has been eliminated, saving significant time for QA agents and managers.
  • The integration of Voyc has helped mitigate operational risk by acting as a secondary defence alongside the existing security systems.

Client experience

Client experience

About Voyc

What does Voyc do?

Voyc helps you succeed in the face of changing consumer needs and increasing regulatory expectations – by monitoring 100% of your customer interactions. It’s easy to configure Voyc to send alerts whenever certain words or sentiments occur – or mandatory phrases are omitted. Managers can then respond instantly and effectively. And you receive detailed reports – to improve your business and provide evidence of good customer outcomes to FCA. 

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What sets us apart

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See value in less
than 1 week

Voyc is an easy-to-set-up, full cloud solution. You can be up and running in just one day.
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8.9 Ease of
use Score*

*Source:
G2.com, Inc.
Our customers value how easy it is to use Voyc and it’s reflected in the high G2.com rating.
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2min Support
Response Time

Our experienced and friendly support team is always available to handle any queries.
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Bank-grade
security

Our security is built from the ground up and complies with privacy laws and ordinances. Our encryption capabilities protect your customer and company data.
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The Action Checklist covers the key steps you need to take to comply with Consumer Duty

Fill out your form and get a complimentary copy

It includes:  

  • Recap of the Consumer Duty

  • Key deadlines for financial services firms

  • Detailed actions required under each of the four Consumer Duty outcomes: Products and Services, Price and Value, Consumer Understanding, Consumer Support

  • Plus required actions under two key control functions: Culture and Governance; Monitoring Outcomes

  • Actions that FCA expects firms to provide evidence for 

  • Strategies to generate MI reports for FCA to demonstrate compliance