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Consumer Duty is a new set of rules and guidance issued by the Financial Conduct Authority | FCA which is the regulatory body that oversees financial services in the UK. The purpose of these new rules is to ensure better protections and standards are delivered to customer, and firm’s continual, focus and approach is gaining good customer outcomes.
GW Financial Solutions Ltd. strives on ensuring all customers are provided with best advice at all times. We will continue to work closely with the FCA to ensure good consumer outcomes are delivered.
What does this mean for you?
The consumer Duty means that customers should receive clear, honest and accurate advice throughout their journey with a company, enabling you to make informed decisions and reach your financial objective.
Communications should be clear and easy to understand. Companies should also adapt and tailor their communication to suit you and your needs.
What does Consumer Duty look like?
The Consumer Duty is split into three sections:
Principle 12:
Requires firms to deliver best outcomes for customers. Based on their needs, characteristics and objectives. Firms should aim to provide the best possible outcome in the first instance.
The Cross Cutting Rules:
Overarching requirements that set standards of conduct across all areas of a firm’s financial services activities. These rules being:
*Firms must act in good faith towards all customers
*Firms must avoid foreseeable harm to customers
*Firms must enable and support customers to pursue their financial objectives
The Four Outcomes:
*Product and Services
*Price and Value
*Consumer Understanding
*Consumer Support
You’ve taken the first step – which is starting looking at what debt advice is out there there! Before you go any further, get prepared! If you are ready with everything you need you are likely to get the correct advice, first time and minimise the number of calls or visits made to your debt advice provider.
Step by Step guide to getting ready for Debt Advice
Work out what you owe:
Collecting letters or statements from each of the companies you owe money to, ensuring the company name, account reference, outstanding balance and contract information is visible, will support in understanding what and who you owe money to.
What can you afford to pay? To access the advice on which debts solutions are likely to be suitable, a debt advisor will need to establish what is affordable for you on a regular basis. If you have online banking it would be useful to print a copy, or make notes on what you pay out for and how often,
Increasing your income could also mean you don’t need to look at a debt solution – consider the below options and make the checks using our suggested links to see if there are opportunities to give your household income a boost!
Are you ready to take action now? Here’s some more advice for consideration when tackling your debt and financial concerns and choosing where you go to for help and support:
Free Sources of Debt and Money Advice
GW Financial Solutions UK LTD.
Watson House, 45 Waterloo Road, SK1 3BJ
