Target Newsletter - Issue 186 February 2023

PARADIGM COMMENT The publication of these findings provides much food for thought as firms work on their own implementation plans and we will focus on how firms can benefit from considering these findings at our next Best Practice workshop on 14th March ( register here ) All the support Paradigm offers is contained in the “Hot Topics” section of our website. You can also check out our Consumer Duty hub in the public area of the Paradigm website. If you have any queries, or need further assistance, please contact your usual Paradigm Consultant or helpdesk@ paradigm.co.uk. mechanisms for customers to notify the needs of vulnerability. For example, one firm explained it is giving particular focus to bereavement, fraud and complaints processes. Areas for improvement • Insufficient detail, for example “review customer-focussed policies and procedures to ensure they capture and reference the requirements of the Duty” as an action point does not indicate how firms have interpreted the Duty’s requirements and considered the challenges of how they will apply them to their business, or the outcomes they are aiming to deliver. Data Strategies (MI) Good Practice • Firms who had considered the outcomes they are aiming to deliver also tended to have considered the data they need to measure and monitor the delivery of these outcomes. Areas for improvement • Little detail on how data will be gathered, monitored and acted upon.

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