Outside in not inside out – evidencing good consumer outcomes

Under the new consumer duty regulations firms will have to demonstrate, through evidence, how they deliver good consumer outcomes. The move to a more data led approach has resulted in companies seeking ways to demonstrate this requirement for the board to review through an annual report which will be challenged by the consumer duty champion. In their quest there is a danger that too much focus is on an inside out approach. Quite simply the firm gathers data using their language, style, content and  methodology as evidence of delivering good consumer outcomes. The consumer is involved in this process but their input is very much controlled. Perhaps firms should be looking at an outside in approach where the customer is…

To access T-CViews content you must hold an active appropriate subscription and log in. Secure your choice of subscription here or request by emailing office@t-cnews.com Regular articles are free.