Alignment with FCA Compliance Frameworks
Our application has been designed in alignment with key FCA frameworks and regulations, ensuring that using the platform directly helps meet specific regulatory expectations.
Consumer Duty Compliance
The FCA's Consumer Duty is a game-changer that demands firms put customer outcomes at the heart of their business. Our solution operationalises many aspects of the Consumer Duty.
- Provides tools to monitor customer outcomes continuously
- Segments by customer types, including vulnerability
- Creates evidence of compliance for regulatory review
- Makes compliance an ingrained practice rather than a box-ticking exercise
- Embeds Consumer Duty principles into your call centre's DNA
Our solution is designed to help you meet multiple regulatory requirements.
Treating Customers Fairly (TCF)
While Consumer Duty has overtaken TCF as the new standard, the ethos remains. Our system's focus on fair treatment reinforces TCF outcomes.
- Checks that customers are given clear information
- Ensures customers are not misled during calls
- Monitors consistent treatment across all interactions
- Catches biased or incomplete information
- Upholds TCF principles through modern technology
Senior Managers & Certification Regime (SMCR)
Under SMCR, senior managers are accountable for regulatory compliance in their area. Having our platform in place is a strong SMCR control.
- Provides a tangible system for SMCR accountability
- Generates management information (MI) needed for oversight
- Delivers weekly compliance reports to SMF managers
- Supports the duty of reasonable steps in oversight
- Helps managers avoid personal regulatory scrutiny
Record-Keeping and Audit Requirements
FCA rules often require records of customer interactions to be kept, sometimes for several years, especially for advised sales like equity release.
- Keeps recordings enriched with transcripts and analysis
- Makes records more useful and searchable
- Enables easy retrieval of call transcripts years later
- Provides strong evidence for customer disputes
- Exceeds basic record-keeping requirements
RegTech Endorsement
The FCA has been actively encouraging the development of RegTech solutions to enhance compliance.
- Aligns with FCA's support for innovative compliance technology
- Demonstrates your commitment to cutting-edge compliance practices
- Signals to regulators that your firm is proactive and progressive
- Reflects positively during supervisory interactions
- Positions your company as a compliance technology leader
Vulnerability Detection & Support
The FCA expects firms to monitor outcomes for different customer groups, especially those with characteristics of vulnerability. Our application assists with this critical requirement.
- Automatically identifies possible vulnerable-client calls
- Detects signs like confusion, health mentions, or bereavement
- Tags vulnerable customer interactions for special review
- Enables comparison of outcomes between customer groups
- Ensures vulnerable customers receive equal care and fair outcomes
Our solution can be configured to check calls against specific industry standards.
Equity Release Council Standards
The Equity Release Council has best practice standards requiring certain disclosures and fairness in equity release advice.
- Checks calls against Equity Release Council scripts
- Ensures required disclosures are made to customers
- Verifies that key risks are explained clearly
- Confirms that alternatives are discussed appropriately
- Helps maintain Council membership standards
Insurance Conduct of Business (ICOBS)
Insurance brokers adhere to Insurance Conduct of Business (ICOBS) rules for fair customer treatment.
- Ensures insurance sales calls follow ICOBS requirements
- Checks for proper demands-and-needs statements
- Verifies disclosure of significant exclusions and limitations
- Monitors for clear explanation of policy terms
- Helps maintain compliant insurance sales processes
Strengthen Your Regulatory Narrative
Imagine telling an FCA supervisor: "We leverage a state-of-the-art AI compliance system that continuously checks every customer interaction against FCA Consumer Duty standards and beyond."