The Linklaters Podcast

Optimising and testing for customer understanding: insights from Fairer Finance // Consumer Duty

Episode 16: Optimising and testing for customer understanding: insights from Fairer Finance

We interview special guest James Daley (founder of Fairer Finance) about practical ways you can meet the Consumer Duty’s customer understanding outcome.

You’ll learn about the Duty’s requirements for customer communications and understanding, simple and effective tips and tricks to optimise your communications content and strategies for customer understanding, and ways you can test how your communications are measuring up.

This episode features Sara Cody (counsel) and Duncan Campbell (senior associate) in our London financial regulation team.

Fairer Finance provides research and ratings of customer experiences and products.  It campaigns for a fairer financial services market, and its consultancy arm helps some of the UK’s largest financial services firms to communicate more clearly with their customers.

As referenced in the episode, here’s the ABI/Fairer Finance’s February 2023 guide to clear communication.

And visit Linklaters’ Consumer Duty webpage for all our insights on the Consumer Duty including our podcasts offering legal insights and thought-provoking cross-disciplinary conversations.

User experience ”dark patterns” and ”light patterns”: insights from Lighthouse // Consumer Duty

Episode 15: Insights from Lighthouse

We interview special guest senior user experience (UX) designer Dan Burgess from leading UX/UI design agency Lighthouse about how you can avoid, and use, UX "patterns" to meet the FCA's Consumer Duty expectations.

UX "patterns" are a powerful tool for you in meeting the FCA's expectation that firms account for customers' cognitive and behavioural biases that may compromise their financial decision-making.

You may have heard about nudges, sludge and friction. But we go further.  You'll discover five key categories of "dark patterns" from least to most dark and understand how financial services firms can spot and avoid them.

You'll learn how to flip dark patterns on their heads - creating "light patterns" that you can use to support good outcomes for your customers.

This episode features Duncan Campbell (senior associate) and Connie Faith (associate) in our London financial regulation team.

Lighthouse is a specialist UX and UI design agency based in London, working with product teams since 2008. Explore their audit service which gives you expert eyes on your product interface, rapidly generating actionable improvements.

And visit Linklaters’ Consumer Duty webpage for all our insights on the Consumer Duty including our podcasts offering legal insights and thought-provoking cross-disciplinary conversations.

This episode references previous episodes in our podcast series. Click here to listen to our interview with the "Nudge Unit" on cognitive and behavioural biases, and click here to listen to our previous interview with Lighthouse on key principles of good user experience design.

User experience design and the Consumer Duty: our interview with Lighthouse // Consumer Duty

Episode 14: Our interview with Lighthouse

In this episode we interview special guest Tom Johnson from UX/UI design agency Lighthouse for his insights into user research and user experience design to meet the FCA's Consumer Duty expectations.

 

We explain how these disciplines are important in the context of all four Consumer Duty outcomes and to avoiding foreseeable harm to customers.  Tom introduces us to user experience design, sets out how to research your customers to inform your design, and explains five key design principles that can be practised by people across your organisation - not just design teams.

 

This episode features Duncan Campbell (senior associate) and Connie Faith (associate) in our London financial regulation team.

 

Lighthouse is a specialist UX and UI design agency based in London, working with product teams since 2008.  Explore their audit service which gives you expert eyes on your product interface, rapidly generating actionable improvements.

 

And visit Linklaters’ Consumer Duty webpage for all our insights on the Consumer Duty including our podcasts offering legal insights and thought-provoking cross-disciplinary conversations.

Interview with the “Nudge Unit”: behavioural biases and the Consumer Duty // Consumer Duty

Episode 13: The FCA’s Consumer Duty

In this episode we interview special guest Ruth Persian from the Behavioural Insights Team (BIT, unofficially the “Nudge Unit”) for her insights into what is perhaps the most interesting and least understood aspects of the Consumer Duty: the requirement to consider behavioural biases.  

Ruth explains behavioural biases and the behavioural insights approach, how these biases impact financial decision-making, and how firms can take these biases into account when implementing the Consumer Duty.

This episode features Sara Cody (counsel) and Duncan Campbell (senior associate) in our London financial regulation team.

BIT is a social purpose company using behavioural science and rigorous evaluation methods to help people and communities achieve better outcomes.  Visit their website to learn more or read their blog post on how a behavioural insights approach can help firms meet the requirements of the consumer duty'.

And visit Linklaters’ Consumer Duty webpage for all our insights on the Consumer Duty.

Information exchange between firms: an interview with AssetQ // Consumer Duty

Episode 12: The FCA’s Consumer Duty

In this episode, we speak with Richard Green from AssetQ about the obligations firms have under the Consumer Duty to monitor, gather and exchange information with others in their distribution chains.  We cover a brief outline of the key data and monitoring obligations under the Duty, high level guiding principles, examples of specific data points you might want to consider for each of the four outcomes, some thoughts on monitoring and assurance, and exchanging information with others in the chain. 

This episode features counsel Sara Cody and senior associate Duncan Campbell, both from Linklaters' financial regulation team in London.

Click here to learn more about AssetQ’s offering.

And visit Linklaters’ Consumer Duty webpage for all our insights on the Consumer Duty.

Interview with Samaritans on vulnerable customers // Consumer Duty

Episode 11: The FCA’s Consumer Duty

In this episode we interview special guest Jason Jaspal (Samaritans) for Samaritans’ insights on what firms can do in practice to support vulnerable customers, in the context of the Consumer Duty’s customer communication and support outcomes and its new enforceable rules about vulnerable customers.

This episode features Connie Faith (associate) and Duncan Campbell (senior associate) in our London financial regulation team.

Visit samaritans.org/step or email step@samaritans.org to find out more about how Samaritans Training and Engagement Programmes (STEP) can support organisations to train their people and teams to spot and support anyone struggling to cope.

And visit Linklaters’ Consumer Duty webpage for all our insights on the Consumer Duty.

Implementation plans - the FCA’s feedback // Consumer Duty

Episode 10: The FCA’s Consumer Duty

In this podcast episode we count down the top five messages from the FCA's feedback on firms' implementation plans.  We discuss uplift to your existing arrangements, seeking expert input and independent assurance, prioritising your implementation workstreams effectively, making cultural change, and taking a rigorous approach to monitoring. This episode features Sara Cody (counsel) and Duncan Campbell (senior associate) in Linklaters' London financial regulation team. Visit our Consumer Duty webpage for all our insights on the Consumer Duty.

Scoping for asset managers // Consumer Duty

Episode 9: The FCA’s Consumer Duty

In this podcast episode we work through case studies illustrating Consumer Duty scoping for asset managers.  We discuss discretionary management on a delegated basis, pensions schemes, and investment trusts.  This episode complements our November webinar on Consumer Duty scoping and setting up implementation for success.

This episode features Duncan Campbell (senior associate) and Clare Wiles (associate) in Linklaters' London financial regulation team. If you would like to discuss any aspect of the Consumer Duty or you would like to explore how we can help you navigate the implementation process, please contact Sara (Sara.Cody@linklaters.com), Duncan (Duncan.Campbell@linklaters.com) or any of your Linklaters contacts.

This episode complements our November webinar on Consumer Duty scoping and setting up implementation for success. Visit our Consumer Duty webpage for a recording of this webinar and all our other insights on the Consumer Duty.

Scoping for wholesale firms // Consumer Duty

Episode 8: The FCA’s Consumer Duty

In this podcast episode we work through case studies illustrating Consumer Duty scoping for wholesale firms.  We discuss the implications of the definition of "retail customer" and opting up, where you might rely on the relevant exemptions including ECM, DCM and retail structured products, and being in a "distribution chain" and consequences for custody services.

This episode features Sara Cody (counsel) and James Morris (managing associate) in Linklaters' London financial regulation team. If you would like to discuss any aspect of the Consumer Duty or you would like to explore how we can help you navigate the implementation process, please contact Sara (Sara.Cody@linklaters.com), Duncan (Duncan.Campbell@linklaters.com) or any of your Linklaters contacts.

This episode complements our November webinar on Consumer Duty scoping and setting up implementation for success. Visit our Consumer Duty webpage for a recording of this webinar and all our other insights on the Consumer Duty.

October 2022 - Consumer Duty update // Fintech

Episode 26: Payments Monthly

The FCA has finalised its plans for a new Consumer Duty. Harry Eddis, Olivia Murphy and Simon Treacy highlight what’s changed since the draft rules and other points of interest for payment and e-money institutions.

In their discussion, they consider scoping issues including through the lens of some specific e-money and payments scenarios, as well as touching on implementation plans and ongoing monitoring.

For more resources on the Consumer Duty including a recording of our November 2022 webinar on scoping, visit our Consumer Duty webpage.

The final rules – your implementation journey begins // Consumer Duty

Episode 7: The FCA’s Consumer Duty

The FCA has now published its final rules implementing a new Consumer Duty. In this podcast episode we highlight key changes from the draft rules and begin to explore what the implementation journey will look like across the spectrum of firms subject to the Duty.

This episode features Sara Cody (counsel) and Duncan Campbell (senior associate) from Linklaters’ Financial Regulation team in London. If you would like to discuss any aspect of the Consumer Duty or you would like to explore how we can help you navigate the implementation process, please contact Sara (Sara.Cody@linklaters.com), Duncan (Duncan.Campbell@linklaters.com) or any of your Linklaters contacts.

The second consultation paper - implications for asset managers // Consumer Duty

Episode 6: The FCA’s Consumer Duty

In this podcast episode we discuss implications for asset managers of the FCA's second consultation paper on its proposed new consumer duty, including its scope, interaction with existing Principles, application throughout the distribution chain, monitoring and testing, and steps that asset managers can take now to prepare. 

This episode features Raza Naeem and Sara Cody (counsel, financial regulation, London). It complements our podcast episode on the implications of the second consultation paper for all firms.

Visit our consumer duty webpage for all our resources on the proposed consumer duty.

The second consultation paper // Consumer Duty

Episode 5: The FCA’s Consumer Duty

In this podcast episode we discuss the FCA's second consultation paper on its proposed new consumer duty. What's changed between the first and second consultation? What questions does the second consultation paper answer? And what steps can you take to prepare?

This episode features Gavin Lewis (partner, dispute resolution, London) and Sara Cody (counsel, financial regulation, London).

Visit our consumer duty webpage for all our resources on the proposed consumer duty.

Implications for asset managers // Consumer Duty

Episode 4: The FCA’s Consumer Duty

In this podcast episode we discuss aspects of the FCA's proposed financial services consumer duty that may have particular implications for both retail and wholesale asset managers - including how the duty can apply to various firms in the distribution chain, how the consumer duty could go beyond existing TCF obligations, and a focus on communications and fair value.

This episode features Sara Cody and Raza Naeem, both counsel in our London financial regulation practice.

An infographic accompanies this episode.  And for all our resources on the FCA's proposals including more podcast episodes and infographics, visit our webpage.

Implications for fintechs and challengers // Consumer Duty

Episode 3: The FCA’s Consumer Duty

In this podcast episode we discuss the implications for fintechs and challengers of the FCA's proposed consumer duty.  We cover common characteristics of fintechs and challengers and how the proposals may impact them, including data analysis, customer UX/UI, online/app channels and target markets, product complexities, fee structures, "fair value" and intermediation.

This episode features Simon Treacy (senior associate, Financial Regulation, London; simon.treacy@linklaters.com) and Duncan Campbell (managing associate, Financial Regulation, London; duncan.campbell@linklaters.com).

For more detail, see our infographic. And for all our thinking on the consumer duty including other publications, infographics and podcast episodes, visit our webpage.

Consumer redress // Consumer Duty

Episode 2: The FCA’s Consumer Duty

In this podcast episode we review the various mechanisms for consumers to obtain redress from financial services firms. We assess how the FCA’s proposal to extend the private right of action to cover Principle breaches (including any new Consumer Principle) might fit within the current framework. Crucially, will this achieve the FCA’s aim of securing a higher level of protection to consumers?

This episode features Lara Adamson (Associate, Dispute Resolution, London), Tom Rudrum (Associate, Dispute Resolution, London).

Visit our webpage on the FCA's proposed consumer duty for our latest insights and the infographic that accompanies this episode.

 

The first consultation // Consumer Duty

Episode 1: The FCA’s Consumer Duty

Dispute resolution partner Alison Wilson and financial regulation counsel Sara Cody discuss the FCA's recent consultation on the introduction of a "consumer duty" in financial services. We give an overview of the proposals and consider their key aspects, and give some thought to the practical implications for firms.

For more details, see our infographic.