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Consumer Duty compliance

Sustain trust. Fair value products and services.

Find out how Protecht ERM enables you to adhere to FCA rules through the digitisation of manual processes, presentation of timely information and having a flexible and transparent platform for management oversight of products and services.

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How Protecht ERM helps you meet Consumer Duty requirements.

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Visualisation of the customer journey

Visualise your end-to-end customer service process via embedded process mapping. Identify where weak operational resources are contributing to customer detriment and infringing on customer rights.

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Expert reviews

Templates for tactical and strategic reviews. Integration with control assurance activities enables deep understanding of the operational control environment. Deep-dive templates to support comprehensive product assessment and service reviews.

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Testing and assurance

Enable management of issues identified through the fair value test process. Testing templates which enable evidence collection to support documentation management and the attestation process.

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Continuous improvements

Interface for action management. Remedial actions and space to link actions coming from independent assurance reviews.

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Governance

Governance templates for annual board attestations and reports. Underpinned by workflow alert tool which provisions for the dependency on accuracy and timely completeness of data.

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Compliance monitoring

Templates to support ongoing testing and assurance of customer outcomes. Adherence to customer collateral and contracts. Link compliance rules and obligations to assessments to support attestation process. Management reports providing comparative analysis on revenue generation KPIs vs customer KPIs over time.

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Analytics

Designing product insights to demonstrate good outcomes. Ability to reconcile customer outcomes vs risk appetite. Integration of external data points (e.g. use open banking data to identify where customers' money not working hard for them). Informed decision making based on research and information.

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Consumer Duty webinars on demand:

Protecht ERM platform brochure.

Manage all your risk, resilience, compliance and audit needs in one place.

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Compliance brochure.

Find out how Protecht helps you to achieve compliance objectives, improve resilience and manage risk.

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Operational resilience brochure.

Ensure that your operational resilience and business continuity management processes are able to support your customers and meet your regulatory requirements.

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Vendor risk management brochure.

Find out how our vendor risk management solution allows you to manage vendor risk and avoid disruption.

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  • worldremit

FAQ

These are some of the most common questions we receive from people around Protecht ERM and Consumer Duty. We have a wealth of additional resources available, so please get in touch if you don’t see your question answered here.

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What is the Consumer Duty principle as introduced by the FCA?

The Consumer Duty principle is a comprehensive framework introduced by the Financial Conduct Authority (FCA) that came into effect in the UK on 31 July 2023. It places greater emphasis on firms' responsibilities to ensure good customer outcomes throughout the product and customer lifecycles. This includes aspects like evidence of compliance, alignment with Senior Managers and Certification Regime (SMCR), financial promotions, sales file reviews, and governance.

Protecht ERM is an enterprise risk management platform that provides a comprehensive solution for meeting the UK's Consumer Duty requirements. It offers features like centralised evidence collection, real-time reporting, and customizability to align with your firm's specific Consumer Duty needs. The platform also enables end-to-end visibility of products and customer lifecycles, allowing you to monitor and manage product risks effectively.

Protecht ERM features an integrated product governance workspace that provides complete visibility into your products. It enables real-time monitoring and management of product risks throughout their lifecycle. The platform integrates specific metrics such as customer complaints and allows you to store evidence and create actionable steps. This comprehensive approach enables you to proactively monitor and manage the health of your products, thereby ensuring good customer outcomes.

Yes, Protecht ERM is highly customizable to meet your specific needs. You can adjust questions based on previously captured content and tailor your risk assessment using specific Consumer Duty pillars like product design, price and value, consumer understanding, and consumer support. Our Consumer Duty register also enables you to select products that fall within the scope of Consumer Duty, allowing you to focus your assessments more effectively.