UK financial services firms: are you FCA Consumer Duty compliant?
The UK’s new Consumer Duty rule stipulates that financial consumers should receive communications that they can understand, products and services that meet their needs, offer fair value, and have the customer support they need—when they need it. Are you ready for it?
Understand what the Consumer Duty means for financial services firms and how your team can prepare to create exceptional experiences for your customers with actionable customer feedback and insight that supports your FCA consumer duty compliance.
2022
July
Rules and guidance published
2022
October
Implementation plans established
2023
July
Rules in effect for open products and services
2023
April
Firms to complete reviews to meet outcome rules
2024
July
Rules in effect for closed products and services
4 expected outcomes for financial firms
1. Customer understanding
Communications must be simple and give customers the information they need to make informed decisions
2. Design of products and services
Customers must have a frictionless customer experience in both digital and non-digital channels
3. Price and value
Customers must receive the most value for the price they're paying
4. Customer support
Customer service must be proactive and helpful, and easy to register complaints or switch to a more suitable product or service (including from a competitor)
How UserTesting can help firms meet FCA expected outcomes
Discover key insights from your different groups of consumers through video feedback, collaborate across the organisation, and collect evidence
Customer-facing content
- Legal documents
- Advertisements
- Email / Blogs
- Social media
- Promotion
- Brand design
- Content resonation
- Promotional messaging
Customer journey
Website/ Mobile / Apps
- Functionality
- Findability
- Flexibility
- Usability
- Channel journey
- Onboarding
- Learning ability
- Aesthetic user interface design
Purchase experience
- Price benchmarking
- Competitive analysis
- Product selection process
- Payment options
- Value resonation
- Brand perception
Digital experience
- Chatbot
- FAQ
- Customer service
- NPS
- Reviews
- Retention and renewals
- Subscription process
- Email capture strategies
Check your FCA compliance readiness with UserTesting
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Start capturing contextualised customer perspectives in a matter of hours with UserTesting's drag-and-drop test builder, template gallery, and machine learning-powered test distribution engine.
Reduce time spent on manual analysis with auto-generated analytics and data visualisation, accessible in the metrics dashboard. Quickly detect patterns, anomalies, and correlations or drill into relevant video clips to speed time to insights.
Collect feedback on any experience and share key insights which need improving with other teams with UserTesting’s ecosystem of integrations and plugins, including email, Slack, Jira, or Trello.
Manage platform usage across the organisation for teams leveraging workspaces for different departments, user groups, or lines of business. Collect all key findings for FCA in one place and restrict access throughout folder management. Access most-recently engaged content like tests, drafts, and highlight reel thumbnails—in a single view through Workspace page.
