At Thamesbank Insurance, we are committed to delivering good outcomes for our clients. We support and comply with the FCA’s Consumer Duty, which sets higher expectations for firms across all stages of the customer journey. This means acting in the best interests of our clients, from recommending appropriate products to providing ongoing support.
What the Consumer Duty Means for Us
We apply the Duty across our operations by focusing on:
- Recommending insurance products that meet customers’ needs and circumstances
- Communicating clearly and avoiding jargon
- Supporting customers before, during, and after the sale of a policy
- Monitoring our performance and making improvements where needed
Our Responsibilities Under the Consumer Duty
As a broker, our duties include:
- Advice and Suitability: Ensuring that all insurance products we recommend are suitable based on the customer’s needs, objectives, and risk profile.
- Clear Communication: Providing clear, accurate, and timely information so customers can make informed decisions.
- Ongoing Support: Ensuring customers can access help when needed, whether that’s a claim, a question about cover, or a complaint.
- Fair Value: Only offering products we believe provide fair value and are designed for the target market.
How We Monitor Outcomes
We regularly review the service and outcomes we deliver, using a range of data including:
- Customer retention and cancellation rates
- Complaint trends and root cause analysis
- File audits and sales process reviews
- Staff training and competence records
- Customer feedback and insurer performance
Where we identify risks to customer outcomes, we act promptly. This may include updating internal procedures, retraining staff, or raising issues with insurers whose products we distribute.
Ongoing Commitment
We are committed to continuous improvement. The Consumer Duty is not a one-time exercise, but a core part of how we do business, putting our customers first, every time.
