16 MAY 2023

New Consumer Duty

Consumer Duty regulations - what it means for scheme members

 

What are the new regulations designed to do?

New Consumer Duty regulations are being introduced in the UK by the Financial Conduct Authority (FCA) with the aim of providing a higher standard of customer care and protection. The new regulations are intended to make sure that all firms have suitable controls and monitoring deliver good customer outcomes.

IFGL Pensions is supportive of the new regulations and we will be undertaking a series of changes to ensure that we, our products and literature comply with the new rules.

“The Consumer Duty means consumers should get communications they can understand, products and services that meet their needs and offer fair value, and they get the customer support they need, when they need it.” 
UK, Financial Conduct Authority. 

The first stage of the new regulations come into effect at the end of July this year, with further changes being introduced in 2024.

 

You can find more about Consumer Duty on the FCA website here

 

Scheme Member questionnaire

A key part of Consumer Duty is to ask our scheme members how well they understand the Self-Invested Personal Pension (SIPP) that we administer for them. This feedback will help us assess whether our documents are clear and easy to understand.

We are working with a market research company called Investor in Customers (IIC) to carry out this research on our behalf using their platform The Feedback Hub.

IIC are experts in carrying out customer experience assessments, interpreting the results and making recommendations on how a company can improve. There is more information about IIC at www.investorincustomers.com.

If you are a Scheme Member that is contacted by IIC to complete a short questionnaire, we would very much appreciate it if you would take part so that we can provide the best service to you.