Banks, lenders, and insurers have asked Fairer Finance to assess how well they have been embedding the Consumer Duty. We assess firms against the regulator’s expectations and industry best practice.

Moreover, we aim to help firms prove they deliver good outcomes - not just to the regulator but also to customers and other external stakeholders.

Assessing how well you have embedded the Consumer Duty

We have designed a framework that assesses whether firms are providing both good customer outcomes and fair value. Using a combination of our own data, data provided by the company and interviews with senior stakeholders; we provide a clear picture of how a company is performing in terms of the Consumer Duty’s four key outcomes.

We highlight emerging risks which could lead to poor outcomes for customers. The final output includes our grading of your firm on a 5-point scale, along with clear actions required to meet best practice. Firms that receive top ratings will have the option to use the accreditation in their marketing.

We approached Fairer Finance because we wanted credible, independent validation of how we were performing against the Consumer Duty. It's put us in good shape and provided real reassurance.

Matt Bartle Director of Products
Leeds Building Society

Advising on your annual Board assessment

The FCA expects boards to produce an annual report assessing compliance with the Consumer Duty. The FCA’s Consumer Duty Guidance (para 10.12) says that these assessments must include:

  • ‘the results of the monitoring that the firm has undertaken to assess whether products and services are delivering expected outcomes in line with the Duty, any evidence of poor outcomes, including whether any group of customers is receiving worse outcomes compared to another group, and an evaluation of the impact and the root cause

  • an overview of the actions taken to address any risks or issues

  • how the firm’s future business strategy is consistent with acting to deliver good outcomes under the Duty.’

We advise on the nature of these reports, and what evidence is required to robustly evidence compliance. Our independent review is sought after to provide external review and critical reassurance of compliance with the Duty, to support boards’ annual assessment.

We would highly recommend partnering with Fairer Finance for the ongoing implementation of the Consumer Duty.

Tom Crossley Head of Products & Proposition
Darlington Building Society logo

Helping you evidence fair value and consumer understanding

Providers typically find that developing the evidence base for fair value and consumer understanding require the most thought. Firms are seeking our support on these questions. We have more information on those topics:

Let’s work together

If you'd like to discuss how we can help with delivering your Consumer Duty obligations, drop us a line.