How can a better understanding of your customers help with the implementation of Consumer Duty? with Leigh Caldwell from the Irrational Agency

Description:

The new FCA Consumer Duty regulations will come into effect on the 31 July, affecting all open products and services in the financial services sector. Ecclesiastical have partnered with The Irrational Agency, a market research company specialising in behavioural economics, to help us acquire more in-depth customer insights and therefore assist our further compliance with the new regulations.

In this episode, we discuss how Consumer Duty regulations will reinforce reviewing of financial firms’ product offers with the needs of our customers at the heart of it. With a better understanding of customers’ behaviours, firms will be able to improve their products and communications, resulting in providing better services for higher customer satisfaction.

Quote:

“For firms that are already doing the right thing like ecclesiastical, [the impact of Consumer Duty] may not be revolutionary, but it will be a change in understanding even better where consumers might need a bit of extra help… But there are firms in the industry whose business model will be more challenged and who will have to make bigger changes because their customers might not be getting such good outcomes.”

Run time: 14.55

Resources:

Ecclesiastical Consumer Duty Update

The Irrational Agency

Consumer Duty principles - webinar

Consumer Duty - webinar

What does Consumer Duty mean for brokers? - podcast

Leigh Caldwell’s LinkedIn Profile

Faith Kitchen’s LinkedIn Profile

About the Guest:

Leigh Caldwell is a Co-founder and Partner of the Irrational Agency, a market research agency which examines the overlap between psychology and economics, to help businesses better understand customer behaviour.

About the Host:

Faith Kitchen is Customer Segment Director at Ecclesiastical. Faith is responsible for developing and maintaining our products and propositions to meet the needs of our specialist target markets. She maintains relationships with a number of key bodies in the heritage, charity and education sector, to ensure we fully understand what is important to customers and can develop useful insight and thought leadership. Faith is a member of the Underwriting Leadership Team.

In her spare time she serves as a Charity Trustee and a School Governor.

Disclaimer

This guidance is provided for information purposes and is general and educational in nature and does not constitute legal advice. You are free to choose whether or not to use it and it should not be considered a substitute for seeking professional help in specific circumstances.

Accordingly, Ecclesiastical Insurance Office plc and its group companies (“Ecclesiastical”) and The Irrational Agency, shall not be liable for any losses, damages, charges or expenses, whether direct, indirect, or consequential and howsoever arising, that you or any third party suffer or incur as a result of or in connection with your use or reliance on or action taken (or not taken) by any other party, caused by that or any other person’s use of or reliance on the information provided in this guidance, except for those which cannot be excluded by law.

In viewing the guidance, you acknowledge that over time the information provided may become out of date and may not constitute best market practice that it is subject to change and new editions may be issued to incorporate such changes and that Ecclesiastical and The Irrational Agency have no duty to provide such changes.