The Financial Conduct Authority (FCA) requires all brokers to be fully compliant with The Consumer Duty requirements for all open products by 31 July 2023.
At Bloomhills, we have always put our customers’ needs first to help support positive customer outcomes. The Consumer Duty requirements have provided an excellent opportunity to conduct a thorough and targeted review of how we are delivering to our customers and delivering good outcomes – to ensure we continue to deliver the most suitable products to our clients and great service, at all times.
We’ve been looking at:
- Assessing the principal of fair value and ensuring good outcomes for our customers every time
- Providing communications which are clear and easy to understand
- How we support our customers, including those that are vulnerable
- The governance of our products and services
We recognise the importance of assessing, testing and monitoring the outcomes of our customers.
Our review takes into account every aspect of the FCA’s new Consumer Duty regulations including our relationship with insurers and customers.
- Products and services
- Price and Value
- Customer understanding
- Customer support
The FCA’s new Consumer Duty requirements create a fairer, more transparent financial services industry. Consumers will be protected in a better way and they’ll be in a better position to make informed decision. It will create increased accountability, support consumer trust, provide better clarity and reduce the risk of harm.
If you’d like to talk to us about any part of what we are doing or if you need any support, please contact us 01256 463090.