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Open finance platform “FCA Consumer Obligations: Business Burden or Opportunity?Reports conducted by investigative agencies opium, It reveals a “significant knowledge gap” regarding the FCA’s “consumer obligations”. His 38% of senior decision makers claim to have very limited or no knowledge of this upcoming law.
At the end of October 2022, new FCA mandates will be introduced that “set higher and clearer standards of consumer protection across financial services and require businesses to put their customers’ needs first.” Applicable companies must provide an agreed implementation plan. You must comply with the new regulations by July 31, 2023.
A report by Moneyhub found that 22% of the companies surveyed have already implemented their projects to meet the 2023 deadline. We also found that a further 28% are currently developing a plan to become compliant and hope it will eventually be completed and submitted. of this month.
As the FCA outlined in July, the new consumer tax aims to stop rip-off charges and fees. Make switching or canceling a product as easy as the first time, giving your customers the right product or service. The law also aims to ensure that important information is not contained only in lengthy terms and conditions, making it more easily accessible to consumers.
23% of businesses and businesses aware of the new regulation say they plan to invest 5m or more to make the most of this opportunity. For many of these companies, the primary transmission appears to be investment in new technology to better manage their data and comply with the FCA in time for the 2023 deadline.
48% of businesses plan or have already invested in technology to develop and deliver more personalized and targeted communications. 41% also plan to invest in technology to access customer data and insights.
Samantha SeatonMoneyhub CEO explains the importance of finding solutions to comply with consumer obligations: their relationship.
And the only way we can do this is through a continuous, holistic view of our clients’ financial world. Open finance is the real key to helping businesses meet their consumer obligations. , it would be a mistake to see the role of open finance simply as a solution to a problem, it is also an opportunity.
Better understanding of our customers means we can offer highly relevant and relevant products and services and ultimately build stronger relationships and build loyalty. Smart and visionary Businesses will benefit from seizing this moment and truly understanding their customers.
