Overcoming Compliance Issues in Financial Services

The Challenge

This Life and Pensions brand was facing the prospect of having its products suspended by the FSA for failing to comply with it’s Treating Customers Fairly (TCF) initiative which requires all consumer product information to be clear and balanced – irrespective of the channel by which it is communicated. 

The Solution

We developed a scalable, qualitative / quantitative communications development research solution for assessing multi-channel product information rapidly, cost-effectively and at a highly granular level.   Where information was found not to be TCF-compliant the necessary remedial action was specified.  Some 30 products were assessed in this way.

The Outcome

The results of each project – along with the proposed improvements – were presented to the FSA.  As a result, no products were suspended and no fines were levied.

Lastly, Brandspeak devised a ‘best practice’ product communications guide for all future products.  All communications are now developed in accordance with the guide’s contents.