Consumer Duty

Important information for firms

The Consumer Duty sets the standard of care that firms should give to customers in retail financial markets. Coming in to effect from 31 July 2023, the Consumer Duty has set higher and clearer standards of consumer protection across financial services and requires firms to ‘act to deliver good outcomes for retail customers’.  

At Covéa, we are strongly supportive of any initiative designed to improve outcomes for customers. It means that customers should receive communications they can understand, products and services that meet their needs and offer fair value, and they get the support and help they need, when they need it.  Further information about our approach can be found in our Consumer Duty Statement and Implementation Plan Update.

How do firms act to deliver the Consumer Duty?

There are three cross-cutting rules set out around how firms should act to deliver good outcomes for customers. These are:

What are the new Consumer Duty outcomes?

There are four outcomes which cover the key elements of the firm-customer relationship:

Customers in vulnerable circumstances 

To support our customers who find themselves in vulnerable circumstances, we have created a Vulnerable Customer Statement which outlines how we are supporting customers in a variety of vulnerable situations. We've taken a range of actions including:

  • Providing training to our people around identifying and supporting customers in a variety of vulnerable situations
  • Producing cost of living and vulnerable customer research to help identify and support the precise challenges being faced by our customers
  • Signposting for customers to charities and organisations that can offer support, including the use of SignLive for those with hearing impairments and DA Languages for those requiring translation services

Clear communications

In order to meet communications requirements, we have drafted a series of Covéa Communication Principles for Policy Wordings and all customer communications. These principles focus on supporting consumer understanding by:

  • Ensuring that our communications meet the information needs of the reader
  • Ensuring communications are clear, fair and not misleading
  • Tailoring communications to take account of the characteristics of the customer (including vulnerability)
  • Ensuring that information is accurate, relevant and provided on a timely basis
  • Checking and testing communications for customer understanding

To help tailor your communications to support those who are neurodivergent, we have produced a helpful guide here:

Neurodiversity Guide

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Broker Updates

You can see all our latest Consumer Duty Updates to broker here:

Your feedback

We continue to work closely with our brokers to understand what further help and support is needed. If you have any feedback or queries around Consumer Duty then please email us.