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FCA Consumer Duty Compliance for Call Centres

Explore how call centre software can aid financial firms in meeting the new FCA 'Consumer Duty' guidelines, enhancing customer service.

Estimated reading time: 5 minutes 25 seconds


From July 31st, there are new rules in town for the finance sector. They're called the 'Consumer Duty' guidelines, brought in by the Financial Conduct Authority (FCA). What's the main idea? Putting customers first. Simple, but crucial.

We all know that in the complex world of finance, it's not always easy to stay on top of everything, let alone anticipate all possible challenges. Spotting issues quickly can sometimes feel like finding a needle in a haystack.

In the coming sections, we'll dig into the details of the FCA's new rules and show how Cordless can support your business in tackling them. So stick around as we guide you through these changes, ensuring your customers stay satisfied, and your business stays in line with the new rules.

Monitoring Fair Value in Financial Firms

The FCA's Consumer Duty guidelines emphasise the need for financial firms to keep a close watch on the fair value of their products and services. But what does this mean, and how does your does you call centre fit into the picture?

In simpler terms, 'fair value' is about ensuring your products and services are worth what your customers pay for them. You're aiming to avoid situations where customers feel short-changed or dissatisfied. It's about keeping that balance of value, quality, and price.

Monitoring fair value is a continuous process. It isn't something you can set and forget, especially when you have multiple products and services. Now, imagine trying to manually keep track of every customer interaction, feedback, or complaint. Sounds daunting.

But this is where using the right call centre software gives you the tools to automate this process, making it easier and more efficient. Here's how:

  • Call recording and transcription: Every call your team handles should be recorded and transcribed. This way, you can review conversations, understand your customers' needs, and spot any issues quickly.

  • Keyword Tracker: This scans all your call transcriptions for specific words or phrases, helping you find feedback on your products or services. Consider it as your own personal assistant who sifts through the data for you.

  • Alerts: Be notified about calls that could lead to complaints or unsatisfactory outcomes for your customers. It's like having a watchdog that's always on the lookout for potential problems.

  • Sentiment Analysis: This feature automatically evaluates the mood or sentiment of your customers during their calls. Think of it as a mood ring for your customer interactions, providing a CSat (Customer Satisfaction) score for 100% of your calls, not just a select few.

Using these features, monitoring the fair value of your products and services is easier and more precise, allowing you to stay compliant and keep your customers' satisfaction as a priority.

Assessing the Needs of Vulnerable Customers

The FCA Consumer Duty guidelines don't just stress the importance of delivering fair value, they also underline the need to pay particular attention to customers who may be vulnerable. This could mean those facing difficult personal circumstances or who may not fully understand certain financial products or services.

We all understand that every customer is unique and comes with a different set of needs and circumstances. The challenge for financial firms is to ensure that even those with vulnerabilities are treated fairly and receive the support they need.

But how can this be done in your call centre? The right software can help you by:

  • Identifying vulnerabilities: Identify and tag calls where signs of vulnerability are present. This could include emotional distress or confusion about a financial product. It's like having an extra set of ears that can pick up on things that might sometimes slip through the cracks.

  • Checking team responses: Analyse the responses from your team to see if it was appropriate and sensitive to the customer's needs. This also identifies potential training opportunities to ensure that all team members are equipped to handle sensitive situations.

  • Alerting you to outcome failures: Keep a keen eye on calls where a customer may indicate a failed outcome. This means you can swiftly address any issues and ensure the customer's needs are met.

Making sure that vulnerable customers are well taken care of is not just about compliance with the FCA guidelines, it's also about doing the right thing by your customers. And whilst this is always the goal, without the right tools it can be really difficult to do.

Ensuring Quality and Availability of Post-Sale Support

"After-sales service is more important than assistance before sales." - Kōnosuke Matsushita

The FCA's Consumer Duty guidelines highlights the need for financial firms to ensure that their post-sale support is just as strong and accessible as their pre-sale assistance.

It's like this: you've bought a new gadget. It's all fun and games until you encounter a glitch. Now you need help, and this is where excellent after-sales support shines. It's about making sure that your customers feel valued and supported even after they've signed on the dotted line. But how do you achieve this in your call centre?

  • Detailed reporting: Extensive reporting about missed call rates and waiting times. This allows you to identify any potential bottlenecks and ensure your customers aren't left hanging on the line.

  • First-time resolution rate: Measure how often customer issues are resolved during their first interaction with your team. This is a key indicator of the efficiency of your customer service and can provide valuable insights for training and improvement.

  • Sentiment analysis: Just as in monitoring fair value, sentiment analysis feature is also helpful in post-sale support. It can give you a read on how your customers feel about the help they're receiving after they've made a purchase.

  • Quality assurance: AI-driven quality assurance can check for indicators of call quality, based on your criteria. It's like having a quality control officer who works around the clock, ensuring your team is always delivering the best service.
With these tools in your arsenal, you can be confident that your post-sale support will not only satisfy the new FCA guidelines but will also go a long way in building lasting relationships with your customers.


Navigating the FCA's 'Consumer Duty' guidelines can be a challenge. The process of consistently monitoring the fair value of your products, providing excellent customer support, and especially focusing on vulnerable customers might seem overwhelming. But the ultimate goal is simple: putting customers first.

Implementing call centre software like Cordless is a clear way to tackle these challenges. Its features are designed to facilitate smooth operations, allow for in-depth insights, and ensure customer satisfaction through:

  • Recording and transcribing calls, tracking keywords and sentiments, all of these help you keep your finger on the pulse of customer feedback.

  • Alerting you to potential problems before they escalate, with AskAI.

  • Giving special attention to customers showing signs of vulnerability to ensure that everyone gets the support they need.

  • Detailed reporting and quality checks ensure that your post-sale support is just as robust as your pre-sale service.

If you have any questions on how Cordless can help you navigate the FCA Consumer Duty rules, then feel free to get in touch, and book a 30-minute, free consultation with an expert.
Luba Chudnovets
Co-Founder and CEO