Consulting services can provide valuable insights, strategic guidance, pecialized

08082734921

info@victormiles.co.uk

25 Wilton Road Victoria London, United Kingdom SW1V 1LW

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Welcome to VICTORMILES | Business Insurance

GET START
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GET START
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What is Consumer Duty?

The FCA's new Consumer Duty is setting a higher standard of care for customers, putting the customer at the heart of all financial services firms. The FCA wants to address the challenges that consumers may encounter and to see firms deliver a higher standard of customer care and protection – ultimately to see businesses deliver good outcomes for customers.

Our progress so far

The Consumer Duty sets clearer and higher expectations on the standards of care customers should receive. We believe this is an opportunity for us to differentiate, focusing on delivering higher levels of service on top of our market-leading products.

VICTOR MILES must satisfy the ‘cross-cutting rules’ which require us to:

  • Act in good faith toward retail customers.
  • Avoid causing foreseeable harm to retail customers.
  • Enable and support retail customers to pursue their financial objectives.

We’re progressing, in partnership with Brokers, to ensure delivery of the four outcomes identified by the FCA:

1. Products and services

2. Price and value

3. Consumer understanding

4. Consumer support

Outcomes 1 and 2
We have enhanced how we design, distribute and price our products to deliver fair value and collected additional product, distributor and service information to inform our view.

Outcome 3
We’ve tested a broad range of communications with personal and business customers. This has provided some valuable insight as to their level of understanding, and how they interact at key touchpoints. We’ve also collected information about product, distributor and service to further inform this view.

Outcome 4
We have identified opportunities to strengthen delivery for our customers, and have a well-established approach to continuous improvement fully focussed on identifying and enhancing the ways in which we can provide support to our customers, whether directly or in partnership with our trusted intermediaries

 

Here to support you

We’re committed to supporting Brokers as we all navigate the new Consumer Duty regulations together. Here are just some of the handy tools at your disposal: