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

Area of expertise:

Payments, innovation & resilience Personal banking

Matthew Drage

Managing Director, Square 4

Matthew specialises in regulatory risk and conduct regulation, having worked as a supervisor at the Financial Conduct Authority (FCA) and within two o...

Matthew specialises in regulatory risk and conduct regulation, having worked as a supervisor at the Financial Conduct Authority (FCA) and within two of the ‘big four’ professional services firms.

Most recently, he was the Advisory Director at Huntswood and acted as the firms Skilled Person.

Matthew is a Fellow of the International Compliance Association (ICA) and is a member of the Chartered Institute for Securities & Investment (CISI).

Outside of work, Matthew enjoys racquet sports, skiing and is a keen follower of Formula 1. He is also learning to play golf after several false starts.

Andrew Stacy

Chief Operating Officer, Glassbox Digital Ltd

A Financial Services professional and Chief Operating Officer with an extensive and proven track record of success at executive and Board level in fin...

A Financial Services professional and Chief Operating Officer with an extensive and proven track record of success at executive and Board level in financial services who has managed operations and led major change programmes.

Jackie Bennett

Senior Advisor, UK Finance

Jackie is a NED and senior advisor with over 20 years of experience in the mortgage industry gained from working at UK Finance, mortgage lending firms...

Jackie is a NED and senior advisor with over 20 years of experience in the mortgage industry gained from working at UK Finance, mortgage lending firms and the Council of Mortgage Lenders. She is a part time senior adviser to UK Finance and was Director of Mortgages at UK Finance between 2018 and 2020. Jackie is also a non-executive director for the New Homes Quality Board and OnLadder, Chair of the Bank of England’s Residential Property Forum and a trustee for the FairLife Charity. In June 2010, Jackie was awarded an OBE for services to the financial services industry in the Queen’s birthday honours list.

Glassbox

Glassbox empowers firms to create frictionless digital journeys for their customers. Our digital experience analytics platform works in real time acro...

Glassbox empowers firms to create frictionless digital journeys for their customers. Our digital experience analytics platform works in real time across web and mobile to understand what customers are doing online, monitor activity and enable firms to step in when necessary to keep customers safe and ensure they receive good outcomes.

It can be difficult to understand what your customers are doing on-line and be able to capture, support and monitor real time events. The new Consumer Duty requires firms to be proactive and utilize digital tools and behavioural insights to monitor activity, alert you to potential signs of struggle and to test outcomes to ensure the customer does not suffer harm. Glassbox is at the forefront of this technological advancement and captures every interaction on web and mobile. It produces automated alerts in real time for individual sessions that may require further review or intervention. The solution enables firms to analyse complaints, resolve disputes and investigate fraud as well as supporting vulnerable customers. With Glassbox, you can rest assured that you have forensic records to evidence what happened to meet your conduct compliance obligations and monitor all activity to keep your customers protected.

Primary audience will be regulated firms and people in the following roles:

Senior Managers covered by the SM&CR
Heads of Compliance
Heads of CX, web
Heads of Marketing
Heads of Customer Service
Heads of Business Assurance, Risk and Vulnerability

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