We have identified and begun addressing several challenges ahead of the April and July 2023 deadlines. These include:
Our Product Lifecycle Management (PLM) process: This process governs how we design, develop and manage our products. We’ve already updated it to reflect the enhanced requirements of the Consumer Duty. We regularly review our products and services to make sure they’re competitive, effective, and fit for purpose.
Monitoring price and value: We have robust measures in place that govern how we manage and monitor the price and value of our products. We have reviewed and updated our value for money framework and are currently completing our fair value assessments so we can supply the information that distributors will need from us by the end of April.
Boosting customer understanding and support: We have reviewed customer touchpoints across our new business and post-sale journeys to understand customer outcomes and improve how we communicate with and support our customers. So, we’re reviewing the content of our communications and what we send at different points in the customer journey. We are currently testing our communications where appropriate.
Improving customer outcomes: We’re looking at customer outcomes across our end-to-end journeys and defining what sort of evidence we’ll need to monitor and report on them. We’ll also need to be able to request that kind of information from distributors and share it with third parties.