The highly anticipated Consumer Duty is now three months in, with many firms taking time to reflect on how the regulatory change has been implemented in their business.
Collectively setting higher and clearer standards
It’s no secret that it’s been a period of transition for many firms – and the shift to setting higher and clearer standards is no mean feat. So, it’s with this in mind that Recordsure has become a proud affiliate member of the Consumer Duty Alliance. The Alliance aims to collectively share best practice across its network to help regulated firms understand, meet and deliver the FCA’s Consumer Duty requirements.
Established earlier in 2023 as a not-for-profit community interest company, the Alliance works with subject matter experts and industry providers like Recordsure to help firms increase public confidence in financial service providers. Solutions like Recordsure’s ReviewAI suite help businesses achieve 100% oversight to create a more efficient review process, whilst providing them with greater transparency to support proactive and reactive compliance. Our AI RegTech also helps firms prepare for Consumer Duty implementation reviews – with powerful input into firms’ MI dashboards and sophisticated tools to evidence compliance.
Sharing good practice
With the onus now firmly on firms to demonstrate how they have customer’s best interests at heart, affiliations like the Consumer Duty Alliance are important to collectively share ‘good practice’ across the sector.
Affiliations like the Consumer Duty Alliance are important. It brings together voices from across the industry to illustrate what solutions are available as firms plan their long-term Consumer Duty strategy. As the Alliance strives to build customer trust in the financial sector, Recordsure’s ReviewAI suite can help businesses drive consistency in output and support firms with their end-to-end quality assurance.
With so many criteria to monitor and evidence, the stakes are high. Firms who act now to harness the power of AI-driven RegTech, can pave the way to a sustainable compliant future and free up teams to drive more effective and efficient review processes. It’s time to let the AI do the heavy lifting.
