Consumer Duty and what it means for you
Putting your needs first.
Consumer Duty is a new and higher set of standards which have been designed to put your needs as a consumer first.
As a mutual, we have been and always will be committed to providing good outcomes for our members. To us, Consumer Duty is a welcome addition, aligning with who we are and what we strive to do as a business; putting our members first, delivering exceptional customer service and providing straightforward and competitive products.
What is Consumer Duty?
Consumer Duty is made up of three core elements: an overarching principle, important new rules (also known as cross-cutting rules) and four outcomes. It has been created to ensure that financial services companies like us enable you to pursue your financial objectives, by delivering products that deliver value, effective support service and information that is clear and easy to understand.
The Consumer Principle (Principle 12)
“A firm must act to deliver good outcomes for customers.”
Cross-cutting rules
There are three cross-cutting rules; they aim to develop and support the standards of conduct that the Financial Conduct Authority (FCA) expects us to deliver under the new Consumer Principle, to ensure we deliver good outcomes for our members. The rules are:
- 1.Act in good faith
This means we must be open, honest and transparent with our members.
- 2.Avoid causing foreseeable harm
We must act responsibly to prevent causing harm to our members.
- 3.Enable and support members to pursue their financial objectives
Provide our members with opportunities to reach their financial goals.
The four outcomes
There are four areas that are essential to Consumer Duty as they represent key elements of the relationship we have with our members, which are instrumental to driving good outcomes for all. The outcomes are:
Products and services
Ensuring that you can easily choose from and have access to products and services that meet your needs and requirements.
Price and value
Offering products and services that provide value for money, and ensuring that everyone has the information they need to make an informed decision about the product they’re purchasing.
Consumer understanding
Providing information on our plans that is clear, simple and fair. And, delivering our plans in a way that everyone understands.
Consumer support
Over the lifetime of a plan, we will make sure that you are dealt with fairly and as an individual, without barriers to prevent you from achieving your financial objectives.
Consumer Duty and Shepherds Friendly
As a mutual society, we believe everyone can benefit. Here at Shepherds Friendly, we have made it our mission to provide simple and fair products and exceptional customer service to help you plan and secure your financial future.
We believe our three core values of Working Together; Doing the Right Thing and Making a Difference are closely aligned with the new Consumer Duty standards. For more information on the values that underpin our organisation click here.
We’re committed to protecting our members
We understand that each of our members has different needs and that circumstances can change. If you need any additional support from us, please contact our Member Services team through our Help & Support page and we’ll do what we can to help you.
