Claro Wellbeing and Consumer Duty Alliance improve financial services. Claro is protecting clients and complying with rules as the Consumer Duty deadline approaches.
Financial wellness business Claro Wellbeing has announced that it has joined the Consumer Duty Alliance as an affiliate member in order to share and advance best practices in the financial services industry. Financial services companies must act to protect their clients in accordance with the Financial Conduct Authority’s regulations with less than 70 days until the Consumer Duty deadline on July 31.
Increasing industry standards
Along with financial institutions Legal & General, Quilter, and The London Institute of Banking and Finance, Claro Wellbeing has pledged to play a significant role in enabling the Consumer Duty Alliance to develop a shared understanding of consumer duty, identify collaborative working opportunities and support raising standards throughout the sector.
Increasing customer awareness
“We are thrilled to announce our affiliate membership to the Consumer Duty Alliance and hope to collaborate and share ideas to raise standards in the financial services sector,” said Galina Barengo, head of partnerships and chief of staff at Claro Wellbeing. We have committed to assisting businesses in making significant adjustments to their operations in light of the challenges that the new Consumer Duty presents.
“Up until now, financial institutions merely had an ethical obligation to promote their customers’ financial literacy and education. However, starting on July 31st, aggressive measures will be needed to ensure that financial services companies adhere to the rules established by the financial regulator, the FCA.
“The new regulations will guarantee that clients are prioritized and that they receive messages and products that satisfy their needs. Engaging and interactive financial material can be used to assist businesses satisfy some of their duties by improving customers’ understanding of the products they are purchasing. The comprehension of the consumer is improved by content including a financial health check, informative films and articles, budgeting tools and calculators, and 1-on-1 financial counseling. Since there are less than three months before these regulations go into effect, collaborating with a financial education specialist who can deliver this information and support swiftly is a smart move.
To assist banks, pension providers, and other financial services companies in complying with the four areas of the new Consumer Duty, Claro Wellbeing offers a variety of services and solutions, including educational and training materials.
Customers can receive financial counseling from Claro Wellbeing to help them better understand their finances and the market, and the company can teach financial services workers to help them become more customer-focused.