March 7, 2025
This review report sets out the findings of an FCA review of firms’ approaches to the Consumer Support outcome of the Consumer Duty. The FCA wants firms to provide a level of support that meets customers’ needs throughout their relationship with the firm. Firms’ customer service should enable customers to realise the benefits of the products and services they buy and support them in pursuing their financial objectives.
The highlighted examples of good practices and areas of improvement, and the brief commentary for smaller firms (a welcome continuation of such commentary) are intended to help firms understand the FCA’s expectations, and to continue evolving their approach. How firms implement these findings will depend on their business, size and circumstances.
The overall findings in relation to good practice involve:
- keeping customers’ needs front and centre;
- proactively understanding the needs of customers;
- reviewing customer journeys to ensure support is easily accessible;
- building a culture that delivers good customer support outcomes; and
- monitoring whether customers are receiving the support they need.
The overall findings in relation to areas for improvement involve:
- aligning support processes to the target market;
- making post-sale support as accessible and effective as pre-sale support;
- embedding a culture that is in step with the Duty; and
- monitoring a broader range of outcomes about effective customer support.