Are You Ready For Consumer Duty From Sam Seaton Moneyhub

Are You Ready For Consumer Duty From Sam Seaton Moneyhub What we do know is that consumer duty will put big, expensive and, let’s be honest, pretty alarming responsibilities on any financial services business. the new principle 12 states that “a firm must act to deliver good outcomes for retail consumers.”. no hiding places. no buck passing. no closing the sale and walking away. To aid understanding and educate the market, moneyhub has published a blog discussing “ what, why and how to comply ” with consumer duty. sam seaton, moneyhub ceo, has also written an open letter to fellow ceos, discussing the implications of the new rules. she wrote: “moving towards an open finance based, data driven, customer centric.

Consumer Duty Compliance Moneyhub Moneyhub: open finance meets the consumer duty the consumer duty will put big, expensive and, let’s be honest, pretty alarming responsibilities on any financial services business samantha seaton. During the fca consultation on consumer duty, moneyhub identified open finance as the solution to help prevent a market collapse, bridge the disclosure gap, and to significantly reduce the cost of compliance. in addition, it opens new opportunities for businesses to use consent based consumer data to identify and develop new hyper personalised. The kind of data insights necessary to recognise and meet customers’ needs – and to keep meeting customers’ needs over the lifetime of a contract – can only be derived from a platform that. Speaking on why the industry must take consumer duty seriously, samantha seaton, ceo of moneyhub describes the regulation as “so much more than a box ticking exercise.” she explains how the regulation “shifts the responsibility from the consumer to us, the financial services industry, and in particular the product providers.”.

Consumer Duty Compliance Moneyhub The kind of data insights necessary to recognise and meet customers’ needs – and to keep meeting customers’ needs over the lifetime of a contract – can only be derived from a platform that. Speaking on why the industry must take consumer duty seriously, samantha seaton, ceo of moneyhub describes the regulation as “so much more than a box ticking exercise.” she explains how the regulation “shifts the responsibility from the consumer to us, the financial services industry, and in particular the product providers.”. Sam seaton, chief executive at moneyhub, said: “at a time when everyone’s finances will be feeling the squeeze, it’s vital that consumers are able to make informed decisions about their money. Samantha seaton, ceo of moneyhub, commented: “while many firms believe they are already customer centric, consumer duty will test the reality of this. the new regulation demands a level of customer knowledge that most firms are yet to appreciate. the amount of data needed on the customer to comply with consumer duty requires a new level of.