Outcomes Testing
Firms need to be able to demonstrate good consumer outcomes. Speak to us about how you can do this.
As a regulated firm how do you ensure that staff understand and respond to your customers’ needs?
How do you prioritise good consumer outcomes?
We work with our clients to help them maintain a company-wide focus on consumer outcomes so their customers are able to act, make decisions in their interests and get fair value.
The FCA have stated that they want to protect users from firms that engage in harmful behaviour and that regulated firms should understand and respond to their customers’ needs to prioritise good consumer outcomes. The FCA wants consumers to be put first.
To do this firms need to be able to demonstrate that they are avoiding consumer harm and that consumers are receiving positive outcomes.
We have expert knowledge of the market, the regulatory requirements, how they apply and from our experience we know that many firms worry about how they can practically work to ensure that positive outcomes with the recent shift of regulatory focus.
Questions that arise are:
- What exactly do we have to do to ensure that consumers have clear information that helps them make effective choices and take responsibility for those choices?
- Are we doing too much or not enough?
- How do we prove that our customers are receiving positive outcomes?
- How much time should we spend on it?
We work with our clients to provide solutions that are specifically designed to suit them and meet regulatory expectations. We personally do not believe in the one size first all or tick box approach.
Here are just a few of the services that we can provide:
- Outcomes testing and benchmarking
- Benchmarking against regulatory requirements
- Risk management including conduct risk review
- Customer harm review
- Customer experience review
- Appointed Representative audit
- Board review and workshops
- Senior Managers challenge sessions and workshops
- Best practice vulnerable customers sessions
- Complaints handling process review
- TCF/Vulnerable customers/Customers’ best interests review
We have used the services of Create Solutions for a number of years, and the team are always on hand to provide the necessary guidance, whether in relation to minor day to day queries, changes to our business which require notification to the regulator, or adapting our business to accommodate the significant regulatory changes which have impacted on us over the past couple of years. The ongoing programme of training/workshops provide further invaluable support for the business and our staff
Over the last 10 years, Mike Cranny and the team at Create Solutions have provided an invaluable service on a wide range of compliance issues which we face in our day to day business operations. With so many legislative changes taking shape in the wider UK insurance market, I would recommend anyone who is in need of guidance to seek out their advice.
Create Solutions are our constant in the ever changing world of FCA regulation. Fifteen years ago, they took the time to understand our business to enable them to provide the practical and proportionate solutions we needed to ensure our compliance and they have continued to deliver all our compliance needs ever since. Their patience, professionalism and knowledge is all delivered with genuine friendliness and enthusiasm. They make the world of compliance less painful and remain a pleasure to deal with.
We have been using Create Solutions for several years and find the services they are offer are invaluable to our busy brokerage. The Workout modules 1 & 2 tick all the boxes for staff training, not to mention helping towards CPD. With the changes in regulations over the past couple of years they have made the process easy to understand and to implement both through their workshops and additional help. Would highly recommend to any brokerage, their team are always available offering help and assistant.
We have used the services of Create Solutions for many years and the support we receive is invaluable to our business. There are times when we just need guidance to a relatively small query or more complicated situations such a change of Director within the company. Whatever is needed Create Solutions work with us to find the answers. They truly understand the complexities of the FCA and how this needs managing within a busy brokerage. I would recommend them to any broker as they reduce the worry of compliance and nothing is ever too much trouble.
Internal changes over the last twelve months led us to engage with the full service offered from Create Solutions. Their immediate compliance assistance, update on regulatory matters and training courses/ workshops over the year have been invaluable to us as a business in this ever changing regulatory environment. From a personal point of view, without having Create at the end of the phone for the last twelve months , I can’t imagine the additional work it would have caused me.
In the midst of increasing regulatory change, we took the decision to engage with Create over 2 years ago. Since then they have, provided quality compliance support to us when we need it, continually kept us informed of regulatory matters that we need to be aware of and have also helped us to establish a more solid compliance framework for the future. Pro-active compliance is their business…