When brainstorming, we thought Consumer Duty would be a good thing to chat about in our monthly blog. This blog will hopefully educate our members, policyholders and any reader on what Consumer Duty is and how it is implemented within QANW.
So firstly, what exactly is Consumer Duty?
Consumer Duty is a set of rules and principles created by the FCA (Financial Conduct Authority) aimed at ensuring that financial firms, like QANW, prioritise the interests of their customers. These rules intend to raise the standards of consumer protection within the financial services industry in the UK. The Duty is designed to make sure that firms act in the best interests of their customers, provide them with fair treatment, and deliver outcomes that meet their needs.
Secondly, how are QANW implementing Consumer Duty through the business?
QANW always strive to put the customers’ interests first. This includes ensuring our products meet customer needs, and that we provide clear and transparent information about those products. Speaking of information that we provide about our products; this needs to be accurate and easy to understand. The details should include any risks involved and allow customers to make informed decisions.
Treating customers fairly is also a huge part of Consumer Duty. QANW must ensure all customers are treated equally and with due consideration. Treating customers in this way applies to our sales processes, right the way through to customer claims and any complaints.
Firms should endeavour to deliver good outcomes for their customers, taking into account their individual circumstances and needs. This might involve offering products and services that are suitable for the customer’s needs and ensuring that they are provided with appropriate support and assistance. At QANW, we have different schemes for different types of work and also provide multiple terms of cover, all in order to cater to specific needs.
And lastly, Consumer Duty so far.
As part of evidencing our compliance with the Consumer duty within QANW, we’ve been asking policyholders some questions about IBGs and QANW in a recent survey. Some of the results are noted below:
· 100% of asked customers confirmed that their IBG was provided freely by the installing contractor and not itemised on their guarantee. This tells QANW that we are selling the product in the correct way and that customers are being treated fairly.
· 91% of policyholders said yes when asked if they feel like the IBG provides valuable protection in the event something goes wrong. This is great for us to see as customers are now understanding the benefits of an IBG and that additional layer of protection given by the installer.
· 73% of policyholders easily understood the benefits of the IBG after reading all the policy documentation. The documentation that we provide is there to clearly explain the IBG and how the cover works. We aim to keep this information clear and concise, and our in-house team are always here to answer any questions, should they arise.
· 81% of policyholders also confirmed that the inclusion of the IBG and the insurance cover that it provides, was a factor in their decision-making when choosing a contractor. Again, tells QANW that the product is working and is raising awareness on the importance of financial protection.
These survey results help us improve our current services and how we communicate with our customers, along with taking into consideration our goal of enhancing consumer trust and confidence in the financial system.
Web: https://qanw.co.uk/
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