Consumer Duty

Frequently Asked Questions

• How will you measure customer outcomes?

  We’re building customer journeys and feedback loops to ensure all touch points are identified, with good outcomes defined, and all management information and processes documented within a reporting framework. This started with all customer journeys being mapped, identifying key moments of truth (points of customer decision making and any areas more likely for harm), and agreeing what makes a ‘good’ or ‘bad’ outcome at these points – along with lead indicators and MI required, and any acceptable tolerances.

  We’re also introducing a new customer feedback tool, customer analytics, a new complaints feedback process and enhancing our current fair value assessment metrics. All of this will build on our existing suite of customer MI.

• What Consumer Duty and conduct outcomes training is taking place within Canada Life?

  We have an integrated communications, engagement and learning approach that has been in place since early 2023. It aims to equip all colleagues to be able to clearly articulate what Consumer Duty means and how they personally contribute to the delivery of good customer outcomes.

  Our board members were trained, briefed and approved high level plans before the October 2022 deadline, and Consumer Duty Board Champions are in place.
  
  We introduced a shared customer objective from 2023 onwards to make sure every colleague considers how their individual role influences the customer experience and ensures we place the customer at the heart of everything we do.

  Consumer Duty has been embedded into all of our relevant mandatory e-learning modules for our colleagues, including ‘Customer Outcomes’, ‘Conduct Rules’ and ‘Customers with Vulnerabilities’ training. We have rolled out additional Vulnerable Customer and Behavioural Bias training and our customer-facing teams are going through deeper learning on vulnerable customers to ensure they’re fully equipped to take reasonable steps to avoid causing foreseeable harm for our customers as part of the new regulations.
  
  As well as ongoing communications and engagement activities to raise awareness of Consumer Duty, we’re also rolling out company-wide customer learning to give all our colleagues at all levels across the organisation a firmer understanding of Consumer Duty, what it means for us and how we can better serve our customers.