Consumer Duty
The FCA Consumer Duty is a UK regulatory standard requiring financial services firms to deliver good outcomes for retail customers, acting in good faith and avoiding foreseeable harm.
The Consumer Duty, introduced by the Financial Conduct Authority (FCA) in July 2023, sets a higher standard of consumer protection across UK financial services. It requires firms to act to deliver good outcomes for retail customers across four key areas: products and services, price and value, consumer understanding, and consumer support.
For insurance firms, Consumer Duty has significant operational implications. Every customer interaction must be designed to deliver fair outcomes. Claims processes must be prompt and transparent. Vulnerable customers must be identified and supported. And firms must be able to evidence their compliance with detailed management information.
Workflow automation is one of the most effective tools for meeting Consumer Duty requirements. Automated processes ensure consistent treatment of every customer, SLA tracking demonstrates prompt service, audit trails provide evidence of compliance, and vulnerability flags ensure additional support is triggered when needed.
SwiftCase's platform includes built-in support for Consumer Duty compliance, with automated vulnerability screening, fair value assessment workflows, and comprehensive audit logging that captures every customer interaction and decision.
Related Terms
Audit Trail
An audit trail is a chronological record of all actions, changes, and decisions within a system, providing evidence of who did what, when, and why.
SLA (Service Level Agreement)
An SLA is a commitment between a service provider and a customer that defines expected service standards including response times, resolution times, and quality metrics.
Case Management
Case management is the coordination of complex, variable work where each case follows its own path based on circumstances, requiring human judgement, collaboration, and adaptive decision-making.
FNOL (First Notification of Loss)
FNOL is the initial report made to an insurance company when a loss, theft, or damage event occurs. It is the first step in the claims process and sets the trajectory for the entire claim.
See it in action
Book a discovery call to see how SwiftCase handles consumer duty for your organisation.