Bold Insight has launched a Consumer Duty digital checker ahead of the new regulations for financial services firms coming into force this summer. 

The digital research firm’s Check UX: Consumer Duty software, aimed at fintech firms and finance companies, allows them to monitor key areas of compliance with the guidelines set by the Financial Conduct Authority. 

Highlights of what the firm says its tool will check include: 

• The experience of vulnerable persons in the design of products and services – such as colour blindness, dyslexia, or poor language skills 
• Reviewing the customer journey — firms should not make it difficult to close accounts and must provide sufficient guidance for basic customer practices 
• Prominently positioning account risks and warnings — there should be intentional ‘friction’ in the customer journey before making important financial decisions, so customers are fully aware of the risks associated with some accounts 
• Clearly disclosing where customers can file complaints or give feedback  

The firm says its software “identifies where companies can make simple changes to digital products and services that are fairer, more accessible, and easy to use, aligning with the principles of Consumer Duty.” 

The FCA’s Consumer Duty rules come into force on 31 July, with the watchdog saying they will “fundamentally improve how firms serve consumers” by setting out “higher and clearer standards of consumer protection across financial services”.   

The regulator adds that it will “make Consumer Duty an integral part of our regulatory approach and mindset at every stage of the regulatory lifecycle — including authorisation, policy development, supervision and enforcement priorities and processes.” 

Bold Insight managing partner Dr. Robert Schumacher says: “With a short time left until the FCA Consumer Duty rules are enforced, firms are in overdrive to begin the process of adhering to these new requirements. Undergoing a review of your product’s user experience can help ensure you de-risk your company in light of the obligations of the Consumer Duty.  

“Furthermore, this is an ongoing requirement – so improving before the deadline is important, but it’s only the beginning.” 

Bold Insight’s clients include Amazon, Google and Procter & Gamble.