What this outcome means for you
The Consumer Understanding outcome expects that clients get the information they need at the right time, and in a way they can understand.
This means you must communicate with all clients in a clear, transparent and accessible way when discussing products or services.
This includes making clear any benefits, risks or costs involved with products, so that clients can make informed decisions based on their personal circumstances and needs.
How you can do this
- Help clients make decisions that deliver good outcomes: using our research and data, you can make clients aware of product and service costs, ongoing changes and what they mean for them - so they can make informed decisions
- Understand your clients’ needs: you should confirm their needs and goals, and understand any vulnerabilities, so you can determine how best to communicate with them
- Review client communications across all channels: your verbal and written communication must be plain-English, jargon-free and easy to read, with attention paid to vulnerable clients who may have accessibility needs or financial difficulties
- Tailor communications to fit the needs and circumstances of clients: this doesn’t mean personalising communications for every client, but rather particular groups of clients, so they’re given to the right people, at the right time, in a suitable way
- Monitor your approach in the long term: client feedback methods, such as surveys or customer testing panels, can confirm if your communications are clear and effective. You can alter and improve your approach over time to reduce complaints and time spent resolving them.
Identify ways to deliver good customer outcomes
We’ll work with you to provide useful data, insights and support to help you better understand your clients’ behaviours and financial situations – and spot opportunities to improve outcomes and avoid foreseeable harm.
We can help you to have the right conversations with your clients based on their ongoing needs, to help avoid foreseeable harm.
We can provide insights to help you evidence the culture and quality of your business.
Pensions: Help clients understand the pension products you recommend
Whether you're trying to help your clients understand their pensions or the benefits of their workplace pension scheme, these resources can support your client conversations by explaining our pension products and services in a clear way.
Workplace scheme suitability report template
Help employers understand your workplace pension provider and product recommendations.
Employee engagement toolkit
This toolkit can be used by employers to help their employees understand more about their workplace pension and how to make the most of it.
Direct offer toolkit
This toolkit walks employers through the scheme transfer process, and how we help employees transfer their existing pension savings to us.
Salary exchange calculator
Show clients the savings, contributions and take-home pay they could expect through salary exchange, tailored to their individual circumstances.
Our webinars can help your clients understand their pension, as well as the State Pension, tax matters and more. Browse the list on our customer site.
Client guides and case studies
Our literature library has guides for pensions and investments that can help clients understand them - and case studies so they can see products in practice.
Protection: Help your clients understand your protection product recommendations
Our protection resources can support your client conversations and help them understand the reason you're recommending a product to them, the value of that policy and more.
Suitability wording for protection
Our 'Reasons Why' tool has simple explanations of our Personal Menu Plan options, so you can quickly add them into your client communications.
Get a better understanding of your client's spending habits, so you can make sounder recommendations based on their circumstances.
Whole of Life calculator
Help your clients understand the value of taking out a Whole of Life protection policy, so they can make an informed decision.
Inheritance tax (IHT) calculator
Help your clients understand any potential IHT liability based on their assets liabilities, and avoid foreseeable harm.
Personalised risk report
Show the risk of being unable to work due to illness or injury, having a critical illness or dying before retirement, and the value of having financial protection in place.
Client guides and case studies
Help your clients understand the protection products you recommend with our range of guides and case studies.
Understand and review your clients' personal needs
These resources can help you identify the needs of your clients so you can create clearer, engaging and more helpful communications.
Webinars and CPD
Our webinars and CPD modules can help you brush up on your pension and protection knowledge, to help you explain them in a clear way to clients.
Financial planning tool for pensions
Use this tool to model a client’s income sources, to help them understand how realistic their retirement goals are and how much they need to save to achieve them.
Drawdown governance service
Monitor the sustainability of your client's pension income every quarter, so you can show if things are heading off track and what they can do about it.
Client review service
Make custom reports for clients with a Royal London pension. They provide insights into how their pension has grown, the performance of their investment and ongoing suitability.
Understand a client’s spending and budget, so you can offer them protection recommendations that align with their financial circumstances.
Value of menu tool
Mix and match a range of covers to offer the right amount of protection to suit a client’s financial situation and lifestyle.
More Consumer Duty guidance and support
Product and Services outcome
Our resources can help you meet the requirements of the first Consumer Duty outcome, and help you understand what you need to do.
Price and Value outcome
Learn more about the second Consumer Duty outcome, what you need to do and how our resources can help you to meet the requirements.
Consumer Support outcome
Understand what you need to do to meet requirements of the fourth Consumer Duty outcome, and learn how we can help you and your clients.
More Consumer Duty guides and articles
Consumer Duty: delivering value in uncertain times
Ryan Medlock, Senior Investment Development Manager, explores how advisers can deliver against the Consumer Duty alongside uncertain markets.
From Treating Customers Fairly, to Treating Customers Well
The Consumer Duty will bring widespread changes across the financial services industry, raising the bar on how it serves its customers.
Consumer Duty – is it a huge protection opportunity for adviser firms?
Shelley Read, Senior Intermediary Development and Technical Manager at Royal London, considers where advisers can find the protection opportunities within the Consumer Duty.