Consumer Duty
What it means for Paycare and our Policyholders
What is Consumer Duty?
Consumer Duty is a standard introduced by the UK Financial Conduct Authority to improve consumer protection. It requires providers of all sorts of products and services to make important cultural and behavioural changes to ensure they consistently deliver good outcomes for their customers.
The bottom line? Consumer duty requires companies selling a product or service to put their customers’ needs first – at every stage of the customer journey.
At Paycare, we have always welcomed the opportunity to improve customer experience whenever possible. It goes without saying, we have fully embraced the challenge of not only meeting, but where possible, exceeding these new requirements – and not just because we have to!
The golden rules
Consumer Duty is underpinned by three cross-cutting rules. At Paycare, we call these the “Golden Rules” and they act as the foundation for our entire customer strategy:
Act in good faith towards customers
Avoid foreseeable harm to customers
Enable and support customers to pursue their financial objectives
Key principles
Consumer duty is defined by four key principles. These principles help us define what a good customer experience looks like:
Fit for Purpose
Ensuring our products match the needs of those who use them and perform as expected.
Fair value
Offering products at a price that reflects their true value, with no hidden or excess fees.
Understanding
Communicating in a clear and accessible way, so you can make informed decisions.
Support
Maintaining excellent customer support throughout your entire Paycare journey.
FAQs
What is Consumer Duty?
Consumer Duty is a standard introduced by the UK Financial Conduct Authority to improve consumer protection. It requires providers of all sorts of products and services to make important cultural and behavioural changes to ensure they consistently deliver good outcomes for their customers.
I’m an existing policyholder. How does it affect me?
As an existing Policyholder, you’ll notice ongoing improvements. We’ll always provide you with support and communicate with you clearly.
I’m thinking about joining Paycare. How does it affect me?
Good news –you can be re-assured that looking after our customers has always been top of our list.
How should I let Paycare know if I need extra support?
If you feel you need extra support with any aspect of your policy – whether that’s help understanding your cover or requesting information in a more accessible format for you – please let us know so that we can find the best ways to support you.
You can email us at enquiries@paycare.org or give us a call on 01902 371 000.
How can I share feedback?
At Paycare, we encourage you to leave feedback on your experience as a customer. Look out for more opportunities to work with us and shape the future.
However, as always, if you have a question, please email us at enquiries@paycare.org or give us a call on 01902 371 000 and we will do our best to answer your queries.
