Protection  

Value-added services will be key in providing fair value

  • Describe the impact of the consumer duty on value-add services offered by providers
  • Explain how providers should treat vulnerable customers
  • Identify when they should be proactive
CPD
Approx.30min

Providers and advisers have at least a moral duty to ensure that customers are aware of services available to them and how to access them – strengthening the provision of fair value to the protection customer and truly supporting vulnerable customers. 

Providers and advisers will be very aware of the FCA consumer duty, and the changes it may drive on how they run their business.

As it is designed to improve how customers are supported, it is an opportunity for the industry to look at the whole customer proposition, harnessing value-added services to improve outcomes for customers.

Christine Husbands is managing director of RedArc

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. According to the author, the protection industry is aware that providing protection is not just about providing money?

  2. When should providers offer support, according to the author?

  3. What approach should providers be taking towards vulnerable clients?

  4. Which of the following is NOT a key factor that drives fair value for customers?

  5. Providers have a duty to ensure that customers are aware of all aspects of the product available to them, true or false?

  6. The author says providers should be proactive in offering support to those clients they think need it, true or false?

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You should now know…

  • Describe the impact of the consumer duty on value-add services offered by providers
  • Explain how providers should treat vulnerable customers
  • Identify when they should be proactive

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