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, so it goes without saying we have fully embraced the challenge of not only meeting, but where possible exceeding these new requirements outlined by Consumer Duty – 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 will it affect me?

As an existing Policyholder, you don’t need to do anything. We will always communicate with you to inform you
of any changes to the way you can manage your policy.

I’m thinking about joining Paycare. How will it affect me?

Good news – thanks to Consumer Duty, you will have a better experience at every stage of your journey with Paycare!

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 are always open to hearing your concerns and your experience as a customer.

If you have a question or concern, 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.