FCA's review flags need to consider new data sources to test consumer duty

One of the key areas for improvement in the FCA’s report was around data. A key part of the Consumer Duty is that firms assess, test, understand and evidence the outcomes their customers are receiving. And the FCA makes it clear that “Without this, it will be impossible for firms to know that they are meeting the requirements set out in the Consumer Duty.” This is particularly relevant for digital channels. Whilst it has become common practice to record calls, it is still unusual to find firms recording important digital sessions and keeping the sessions for longer than a few days or weeks - and even then the data which is collected tends to be for CX purposes.

The good news is that the FCA has given some quite specific Guidance about the sort of data which firms should be collecting.

In this webinar we will hear from some industry experts who will discuss:

• What are the key findings in the FCA's review of implementation plans
• How to approach Outcomes Testing in a Consumer Duty world
• Key considerations for Outcomes Testing when using Digital Channels
• What are the key Outcomes and risk areas to focus on
• What to do about Friction and Sludge practices
• How can you enable the Test, Learn, Act cycle on digital channels
• How can you address the data requirements for your digital channels