Toluna and FS Firms Launch Consumer Duty Consortium

End-to-end insight platform provider Toluna and financial services (FS) firms Legal & General and Phoenix have formed the Consumer Duty Consortium to develop a response to meeting the requirements of the new Consumer Duty regulation.

This regulation, which comes into effect at the end of July, is designed to guarantee that any consumer-facing provider in the financial services sector ensures their products and services meet customer needs, offer fair value, and provide 'helpful' customer support and communications that are understandable. The new consortium is designed to support companies that are facing challenges in meeting the new regulation's requirements.

Michael Worledge (pictured), Head of FS Research at Harris Interactive and Toluna, explains: 'The looming deadline is a significant challenge for providers, but the specifics of what needs to be addressed by that date are the more stringent challenge. The Consumer Duty Consortium offers a syndicated insights approach to addressing the Consumer Understanding outcome through robust consumer testing, with the additional benefit of industry benchmarking.'

Those interested in the new consortium can contact: mworledge@harrisinteractive.co.uk to find out more about the benefits of membership.

The launch of the new consortium follows news in March that Next15's data, MR and advisory company Savanta has developed a framework for Consumer Duty Communications Testing, to prepare financial services businesses for the new regulation.