Thursday, April 27, 2023
Financial Conduct Authority's Consumer Duty
With upcoming deadlines, in particular 31st July for implementation, Coplus is happy to provide an update on progress towards Consumer Duty. Coplus view these changes positively and as an integral part of our standard business practices. We prioritise the interests of customers and strive to place them at the forefront of our decision-making. By doing so, we aim to foster trust and loyalty amongst our customers, which in turn benefits us all by improving customer satisfaction and retention.
Coplus is fully committed to delivering the required outcomes of the FCA's Consumer Duty, specifically in ensuring that consumers receive products and services that meet their needs and are marketed and sold fairly. We are also committed to ensuring consumers do not face unreasonable post-sale barriers, for example barriers which prevent the customer from changing products, switching providers, submitting a claim, or making a complaint. Coplus ensure products and services are designed and delivered to be compatible with the needs of the consumer, and take all reasonable steps to avoid consumer harm. Coplus continuously review product performance and proactively work towards ensuring our products provide genuine value and evolve in line with customer requirements.
With regards to a progress update, Coplus are:
- Empowering end customer support staff to be key players in the Consumer Duty Team, which will help us to better understand and meet the needs of our customers. By tapping into the expertise and insights of our frontline staff, we can create a customer-centric culture that sets us apart from our competitors.
- Our Consumer Duty Team is committed to leading the way on product and process changes that are in the best interests of end customers. By staying ahead of the curve and anticipating customer needs, we can ensure that we are always providing the highest level of service and quality.
- We are not afraid to identify issues and make the necessary changes to ensure that our customers are always getting the best experience. By embracing a culture of continuous improvement, we can stay ahead of the competition and exceed our customers' expectations.
- By actively seeking and responding to customer feedback through continual improvement, we can ensure that we are always meeting the needs of our customers.
Coplus are also asking our partners for updates on implementation, so if you are a partner of Coplus and have not already responded, please send your updates to firstname.lastname@example.org.