Financial services businesses need to focus on ensuring positive consumer outcomes. Increasing pressure on consumer finances is adding to the higher standards required by the FCA's Consumer Duty.
The new regulations stipulate ongoing monitoring of retail customer outcomes. You must monitor key elements and set up continuous feedback loops into governance forums to ensure these standards are achieved, and that appropriate action is taken if not. Reliance on random sampling of customer conversations doesn't provide sufficient oversight to be confident of Consumer Duty compliance.
To help you enable this monitoring, we're collaborating with Recordsure on a new service that makes it easier to get the right quality assurance processes in place. This service brings together our own expertise in data, RegTech, automation, and digital transformation with Recordsure's market-leading artificial intelligence.
Random sampling of customer conversations throughout the customer journey isn't a reliable quality indicator – and presents a significant hidden conduct risk, both at individual and systemic levels. It's not an acceptable approach when there are viable solutions available for detecting harm.
Working together, we’ll enable regulated financial services organisations to automate oversight of all customer conversations and support subject matter experts to review identified risks.
Implementing compliance analytics to highlight and better understand non-compliant conversations directly feeds into individual and team coaching, and improves customer outcomes by helping to identify possible systemic issues.
What our experts say:
“Ensuring firms are able to discharge their consumer duty obligations is a complex set of activities and requires a data driven approach underpinned by sophisticated machine learning and artificial Intelligence tools and techniques. This exciting collaboration allows us to support our financial services clients through the Consumer Duty journey by combining our data management, data analytics regulatory change and RegTech expertise and experience with Recordsure’s leading machine learning platform.”
Nikhil Asthana, Head of Data, RegTech & Digital Advisory Practice, Grant Thornton UK LLP
“We’re thrilled to launch this new collaboration with Grant Thornton. Both organisations, Grant Thornton and Recordsure, have a strong belief in fair customer treatment, and conviction in helping our clients power their regulatory and consumer oversight obligations with market-leading technology and data, to deliver better customer outcomes. The interplay of our respective tools and capabilities represents an exciting combination for the organisations we work with – now and in the future."
Adrian Crean, Partnership Director, Recordsure and TCC Group
