The Consumer Duty
At Choose Wisely, we prioritise our customers and their needs, embracing the Consumer Duty as the cornerstone of our business. Our commitment to providing outstanding service in the financial industry is unwavering. We recognise the significance of incorporating the Consumer Duty into our culture, governance, and operations to ensure the best possible outcomes for our customers.
Embracing the Duty
As a customer-focused organisation, we strive to not only meet but exceed the Consumer Duty requirements. We firmly believe in acting with integrity, preventing harm, and empowering our customers to achieve their financial goals. Our dedication to raising the bar in the financial industry is unparalleled.
Our consumer principle pledge
We pledge to deliver exceptional outcomes for our customers throughout our entire financial offering. Our Consumer Principle promise highlights our commitment to creating and maintaining customer-centric products and services.
Governed by cross-cutting rules
To consistently deliver exceptional outcomes for our customers, we adhere to three vital cross-cutting rules:
- Act with integrity towards customers
- Prevent harm to customers
- Empower and support customers in achieving their financial objectives
Pursuing excellence through 4 key outcomes
We concentrate on four primary outcomes crucial to delivering an outstanding customer experience:
- Remarkable products and services
- Competitive pricing and value
- Comprehensive consumer understanding
- Outstanding consumer support
Our approach
Cultivating accountability
Our Board ensures that our Consumer Duty commitment is deeply rooted in our business, making it a key objective alongside financial performance, risk management, and strategy.
Empowering our team
We provide comprehensive training and support to our team, ensuring they fully comprehend and implement the principles of the Consumer Duty. Our training and competence scheme is designed to enable our team members to achieve the required level of competence and perform their duties with confidence.
Transparent communication
We take pride in open and honest communication with our customers. We strive to provide relevant and accurate information about our products and services, empowering our customers to make informed decisions.
Maintaining high service standards
We establish and uphold stringent service standards to ensure our customers know what to expect from us. By accurately classifying customers, we can provide tailored and precise product information based on their needs.
Robust policies & procedures
To effectively manage our Consumer Duty commitment, we have implemented a range of policies and procedures, including:
- Anti-bribery & anti-corruption policy
- Consumer Duty policy
- Complaints handling policy & procedure
- Conflicts of interest policy
- A suite of Data protection related policies
- Financial promotions authorisation procedure
- Privacy policy
- Product governance policy
- Risk management documentation
- Training & competence framework
- Vulnerable consumer policy
We regularly review and update our policies and procedures to ensure we continue to meet and exceed the standards set out in the Consumer Duty.
Our devotion to the Duty
Choose Wisely is wholeheartedly dedicated to delivering outstanding outcomes for our customers. We understand the importance of the Consumer Duty in protecting our customers and strive to meet and exceed its requirements. Our mission, leadership, people, and governance are all aligned with this goal, and we continually work diligently to provide our customers with precise, timely, and relevant product information. We have established service standards for our customers and constantly refine our processes to ensure we deliver the best possible financial experience.
At Choose Wisely, we believe that the Consumer Duty is integral to our success and the success of our customers. By incorporating this commitment into every aspect of our business, we can build trust, nurture long-lasting relationships, and contribute to a fair and transparent financial industry. Your satisfaction and financial well-being are our top priorities, and we will continue to work tirelessly to surpass your expectations.
Our expectations for third-party partners
At Choose Wisely, our dedication to exceptional customer service and care is unwavering. We have implemented the Financial Conduct Authority (FCA) Consumer Duty to ensure our customers remain at the centre of our operations. We expect our third-party partners to share our commitment to the Consumer Duty principles and apply them in all interactions with our customers. Here are our expectations:
Customer first approach
Always prioritise our customers' interests by providing services and products that cater to their needs and expectations. Ensure that all communications are clear, fair, and not misleading.
Due diligence
Perform comprehensive due diligence on any products or services you offer to Choose Wisely customers, ensuring they are suitable, high-quality, and deliver value.
Transparency
Foster open and honest communication with our customers, supplying them with all necessary information to make informed decisions.
Open & honest communication
Engage in open and honest communication with our customers, providing them with all necessary information to make informed decisions.
Timely support
Address customer queries and concerns in a timely and efficient manner, offering appropriate support and guidance.
Data protection & privacy
Safeguard our customers' personal and financial information, adhering to all relevant data protection and privacy regulations.
Data protection & privacy
Safeguard our customers' personal and financial information, adhering to all relevant data protection and privacy regulations.
Continuous improvement
Aim for continuous improvement in the products and services you offer to Choose Wisely customers, staying up-to-date with industry developments and best practices.
Compliance with regulations
Adhere to all relevant FCA regulations and guidelines, including the Consumer Duty principles and other applicable rules.
Our commitment to monitoring & accountability
In line with our commitment to the Consumer Duty, we actively monitor the performance of our third-party partners and expect you to maintain the highest standards in your interactions with our customers. We may request regular reports and updates on your compliance with the Consumer Duty principles and any related FCA regulations.
Choose Wisely reserves the right to terminate partnerships with any third-party providers who fail to meet our expectations or who are found to be in breach of the Consumer Duty principles or other FCA regulations.
By collaborating, we can ensure that our customers receive the finest service and products, nurturing trust and long-lasting relationships. Thank you for your commitment to upholding the Consumer Duty principles and for being a valued partner of Choose Wisely.