The FCA Consumer Duty is a set of regulations introduced by the UK’s Financial Conduct Authority (FCA) to improve consumer protection in financial services. It sets higher and clearer standards for firms to ensure that customers receive fair treatment and achieve good financial outcomes.

Under Consumer Duty, firms must ensure that customer communications are clear, fair, and not misleading. Firms are also expected to maintain robust governance and record-keeping to demonstrate compliance.

Here is how TigerTemplate helps you meet the requirements of Consumer Duty.

Consistency

Firms must ensure all customer-facing communications align with regulatory requirements and internal policies across all communications types, including email and PDF documents.

TemplateTiger’s modular components feature enables authors to define parts of templates once and re-use them across all relevant templates, regardless of format, eliminating the risk of inconsistencies.

Using a centralised repository of communications templates that supports editing and advanced features minimises the risk of making mistakes.

Clarity

Firms must ensure all communications are clear. TemplateTiger’s testing functionality ensures communications render correctly across different user devices and email clients. Previews can be reviewed for correctness.

Audit & Compliance

Firms must be able to demonstrate compliance with the Consumer Duty requirements. TemplateTiger’s audit and compliance features provide a complete history of communications, template usage and changes, and regularly scheduled reviews.

Testing for Effectiveness

Firms must test their communications to ensure they effectively convey the intended information. This involves assessing whether consumers understand the key messages and can make decisions based on the information provided.

TemplateTiger’s A/B testing feature enables you to make changes and monitor effectiveness before progressively rolling out improvements.

Approval & Control

TemplateTiger’s permissions feature enforces who can update templates, while the approvals feature ensures relevant teams review changes before publishing, for example, Legal, Compliance, and 2LOD owners.

Versioning

TemplateTiger maintains a complete history of template changes, enabling you to demonstrate what changed when, why, and exactly what the communication looked like at any given point in time.