12 Skyline | Edition 6 | Autumn 2023
Do your or services have features that could risk harm for groups of customers with characteristics of vulnerability ? If so , what changes to the design of your products and services are you making ?
There are limitations to all services that the firm provides and if a consumer with a perceived vulnerability falls within your service , adaptations should be made according to the needs of the consumer . Firstly , it is important to undertake an assessment of each client to determine whether a possible vulnerability is present . Situations where a vulnerability may compromise the value of your service as a mortgage firm may be language barriers or particularly a prominent example is first time buyer with less financial experience and resilience when compared to other mortgage borrowers . A very easy adaptation can be made by giving additional advice and support to ensure the client understands the information being presented to them and the implications of the arrangement they are entering into to reduce the risk of harm occurring . A vulnerability assessment tool is available within the SimplyBiz Consumer Duty Hub to support in this area .
What action have you taken as a result of your fair value assessments , and how are you ensuring this action is effective in improving consumer outcomes ?
As a mortgage firm a fair value assessment ought not to be a tick box exercise but rather a chance for the firm to reflect on how they truly achieve good consumer outcomes . We know that firms will carry out the necessary due diligence on their offering on an initial and continuing basis whilst reviewing and recording findings , however , the fair value assessment is a chance for the firm to embrace all benefits the firm offers ranging from knowledge and expertise your advisers offer to the support offered to clients at time of crisis . Fair value assessment templates are available within the SimplyBiz Consumer Duty Hub .
What data , management information ( MI ) and other intelligence are you using to monitor the fair value of your products and services on an ongoing basis ?
The expected level of MI will be linked to the size and capacity of your firm and above all the risk that customers may pay for your services and not realise value , so for a mortgage firm that offers fee free advice then the issue of value may be simpler to prove . Consumer feedback is the easiest way for firms to evidence value , who else is better placed to evaluate your value than those to whom to which you ’ re delivering their financial objectives ? Firms should be inviting feedback , the recent financial lives survey indicates trust and satisfaction is high amongst those who access advice , so surveys , net promoter scores and mystery shopping or other customer research are a great way to vindicate the service you offer as a firm . Even where complaints arise , by performing root cause analysis you can establish whether the service you offer needs adjustment . A client feedback tool is available within the SimplyBiz Consumer Duty Hub .
How are you testing the effectiveness of your communications ? How are you acting on these results ?
Nobody knows your clients better than yourselves within the firm , however , it is important communications with your clients should be able to be understood by those receiving them . Where the firm identifies a customer needing additional support , adaptations to communication channels according to client needs should be made , whilst communications should be issued in good time and using appropriate channels for different groups of clients . The best way to monitor the effectiveness of your communications is putting in place systems and controls to monitor engagement levels for those communications that are issued , this can be something such as an excel spreadsheet or should you be using it Vouchedfor Elevate , which is available via SimplyBiz . If your clients aren ’ t engaging with you as a firm then possibly the communication method or content isn ’ t right for the client base .