Consumer Duty claims suppliers' information

20 March 2024

Welcome to Ecclesiastical Insurance's Consumer Duty support and guidance for suppliers page.

A person in a headset smiling in a corporate setting.
As a valued part of our supply chain, we would like to share with you some insight regarding the change in regulation relating to Consumer Duty. 

What is Consumer Duty?

The Financial Conduct Authority's new Consumer Duty came into force on the 31st of July 2023 for new and existing products and services. The legislation sets higher and clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first. Published in July 2022, the Consumer Duty goes beyond the existing Treating Customers Fairly (TCF) framework and requires FCA-regulated firms to ‘act to deliver good customer outcomes'.

What do these outcomes relate to?

  1. Products and services
  2. Price and value
  3. Consumer understanding
  4. Consumer support.

What are we doing?

Take a look at the latest Consumer Duty statement for an overview of the key areas we are focussing on.

What do our Supplier partners need to do?

While our review will consider the parts of our customers’ journey that you will manage, you should review the parts you undertake in accordance with the FCA’s requirements. You will need to ensure your arrangements enable customers to make informed decisions by giving them appropriate information, at the right time, in a way they understand. You may want to consider, for example, your customer contact strategy, customer communications across all media types and complaint handling process. You should also ensure that customers receive an appropriate standard of support, including those with characteristics of vulnerability.

Want to find out more?

Take a look at our broker webinar with RWA Business Consultancy, specialists who help organisations maintain regulatory compliance, to deliver their perspective on Consumer Duty.
Alternatively, you can listen to our broker podcast with Steve Walton from RWA Business Consultancy.
In the meantime, if you have general queries relating to consumer duty, please do not hesitate to contact your designated relationship manager.

Download the training content