Savanta Debuts Financial Services Consumer Duty Framework

Next15's data, MR and advisory company Savanta has launched a framework for Consumer Duty Communications Testing, to prepare financial services (FS) businesses for the new FCA Consumer Duty regulations, which come into effect at the end of July.

Created in 2019, Savanta aims to combine the deep specialist expertise and tailored, client-first approach of a smaller agency with the resources of a larger company. According to the firm, Consumer Duty is 'top of mind' for companies in the FS sector, as they strive to interpret, understand, and, implement the new processes to meet the FCA regulations. Consumer Duty requires FS businesses to evidence that their customers have a positive experience, avoiding potential harm, and that customers are getting the information they need in a way they understand.

Savanta's new Consumer Duty framework draws on decades of FS expertise and conversations with clients working in the FS sector. Through a mixed method approach, the framework ensures that a quant process can be implemented at scale for simple testing, enabling delivery against areas such as: accessing vulnerable customers and understanding lengthy, complicated communications through in-depth qualitative analysis. The framework comprises three service levels offering sample across customers and prospects, through which clients can assess not only stated understanding, but understanding and comprehension, which Savanta explains is essential for fulfilling the new Consumer Duty requirements.

Nick Baker (pictured), Global Chief Research Officer, comments: 'With Consumer Duty creating a storm in the FS world, we as researchers had our own duty to respond to the needs of our clients. Our flexible and easy-to-use comms testing framework delivers clear and practical results.'

Web site: www.savanta.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.