Making sure we deliver good outcomes
The Financial Conduct Authority’s (FCA’s) new Consumer Duty sets higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first.
Consumer Duty applies to all end customers who buy our products via insurance brokers.
At LV=, we put the customer at the heart of everything we do and have an established framework embedded into our business to make sure we meet the FCA’s requirements and ‘act to deliver good customer outcomes’.
We continue to regularly review our communications and product offerings and make changes through our continuous improvement programme to ensure we consistently deliver good outcomes for your customers.
Full details of the new Consumer Duty can be found via the FCA’s website, as well as information for firms and Consumer Duty podcasts.
If you have any further questions, please contact your Account Manager who’ll be happy to help.
Consumer Duty explained
Published in July 2022, the Consumer Duty goes further than the Treating Customers Fairly (TCF) framework by requiring FCA regulated firms to ‘act to deliver good customer outcomes’.
The Consumer Duty rules relate to four outcomes that represent critical elements of the firm-consumer relationship, which are instrumental in helping to drive good outcomes for customers:
- Customer Understanding: Customers receive communications they can understand.
- Products and Services: Customers receive products and services that meet their needs.
- Consumer Support: Customers get the support they need, when they need it.
- Price and Value: Customers receive products and services that offer value.