The FCA Consumer Duty regulation has set higher standards of care that firms provide to consumers. It has outlined:
A CONSUMER PRINCIPLE
A firm must act to deliver good outcomes for retail customers
THREE CROSS-CUTTING RULES
- Act in good faith toward retail customers
- Avoid foreseeable harm to retail customers
- Enable and support retail customers to pursue their financial objectives
FOUR OUTCOMES
- Products and services
- Price and Value
- Consumer understanding
- Consumer support
At China Taiping Insurance (UK) Co Ltd we are committed to ensuring that we deliver good outcomes to our customers by:
- Always putting customers at the heart of our business, focusing on delivering good outcomes
- Ensuring that our products are designed to meet customers’ demands and needs
- Constantly providing our products and services which offer fair value to all customers
- Presenting information of products and services clearly and unambiguously, easy for customer to make properly informed decisions
- Communicating with customers effectively and responding to their needs in a timely manner
- Supporting customers in realising the benefits of our products and services they buy from us
- Providing the right facilities and communication channels to support customers of vulnerability of any kind
- Consistently considering the needs of customers, and how they behave, at every stage of the product/ service lifecycle
- Regularly monitoring, reviewing and reporting outcomes our customers are experiencing and taking action to address any risks to good customer outcomes
- Continuously learning from our journey of delivery of good customer outcomes, and improving our products and services
